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That compares with a 14.8% gain for the benchmark S&P 500 (.SPX). Microsoft (MSFT.O), Apple (AAPL.O), Nvidia (NVDA.O), Amazon.com (AMZN.O) and Tesla (TSLA.O) combined account for 43.8% weight in the index, according to Refinitiv data as of Monday's close. The special rebalancing may be conducted at any time if the aggregate weight of companies, each having more than 4.5% weight in the index, tops 48%, according to Nasdaq. COULD THE S&P 500 FOLLOW SUIT? Apple and Microsoft are the only two firms with weight over 4.5% in the S&P 500.

Persons: Hogan, Cameron Lilja, Dow, Wells, Sam Stovall, Sruthi Shankar, Medha Singh, Bansari, David Randall, Shounak Dasgupta Organizations: Nasdaq, Microsoft, Apple, Nvidia, Riley, U.S . Securities, Exchange, Dow Jones, Tesla, Booking Holdings, Gilead Sciences, Devices, CFRA, Thomson Locations: Wells, Gilead, Bengaluru, New York

☆ Retail traders pile into US stocks; focus shifts to EVs from AI
▼ + stars: | 2023-07-06 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

July 6 (Reuters) - Retail traders raised their exposure to U.S. stocks in June encouraged by healthy returns, with their focus shifting to electric-vehicle firms from artificial intelligence stocks earlier in the year. They poured in $1.4 billion per day on average in U.S. equities in the month, closing in the all-time record of $1.5 billion a day in March, Vanda Research said. Record vehicle deliveries by Tesla (TSLA.O), consistently a favorite among the retail crowd, have helped spark small-time investors' interest in EV stocks, including Rivian (RIVN.O), Iachini said. EVs have garnered increased demand on incentives under the Inflation Reduction Act and a competitive pricing environment. In contrast, demand for AI stocks, including C3.ai (AI.N), from retail investors has somewhat slowed from earlier this year after they rallied for weeks, Iachini added.

Persons: Vanda, Marco Iachini, Iachini, EVs, Joby, Peter Hillerberg, Medha Singh, Shinjini Ganguli, David Gregorio Our Organizations: Vanda Research, Thomson Locations: U.S, Bengaluru

☆ Binance market share takes regulatory hit, its US affiliate shrinks
▼ + stars: | 2023-07-05 | by ( Medha Singh | ) www.reuters.com time to read: +1 min

July 5 (Reuters) - The market share of Binance, the world's largest cryptocurrency exchange, and its U.S. affiliate have shrank this year, as they battle an onslaught of regulatory crackdowns. Last month, Binance was hit by a lawsuit by the U.S. Securities and Exchange Commission for allegedly breaching the regulator's rules, pushing its global market share to 52% from 60% at the start of the year, according to data firm Kaiko. Binance had begun to cede market share in March after its move to end zero-fees transactions for some trading pairs, said Dessislava Aubert, an analyst at Kaiko. "Binance's market share has gone to a variety of exchanges with Bybit and OKX faring best," Aubert said. Crypto companies dispute that crypto tokens are securities and have repeatedly called for the SEC to create clear rules.

Persons: Binance, Dessislava Aubert, " Aubert, Binance.US, Aubert, Kaiko, bitcoin, Medha Singh, Maju Samuel Organizations: U.S, U.S . Securities, Exchange Commission, SEC, Fidelity, BlackRock, Thomson Locations: U.S, Bengaluru

☆ Airline stocks set for best month in two years on summer rush, lower fuel prices
▼ + stars: | 2023-06-30 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

June 30 (Reuters) - U.S. airline stocks on Friday were set to record their strongest monthly performance since 2021, helped by easing fuel prices and signs of robust travel demand during the summer season. The outlook for the rest of summer months is also bright. The S&P 1500 airlines (.SPCOMAIR) has jumped 21.3% so far in June, the highest since February 2021 and far ahead of the S&P 500's (.SPX) 5.2% rise. However, Raymond James analyst Savanthi Syth expects air travel demand to moderate in the second half, given the high level of uncertainty and limited visibility into the fall. Shares of United Airlines and Delta trade 5.2 and 7.0 times forward profit estimates, respectively, well below S&P 500's (.SPX) multiple at 19.1.

Persons: Russ Mould, Raymond James and, Raymond James, Savanthi Syth, Matthew Tuttle, Joby, Morgan, Medha Singh, Arun Koyyur Organizations: U.S, Airlines, America, Bell, Delta Air Lines, United Airlines, Raymond James and Bank of America, Delta, Tuttle Capital Management, Joby Aviation, Thomson Locations: United States, Bengaluru

☆ Chip stocks drop as U.S. mulls fresh curbs on AI access to China
▼ + stars: | 2023-06-28 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

The Philadelphia chip index (.SOX) dropped 0.9%. Last year, U.S. officials had ordered Nvidia to stop exporting its top two AI chips to China to limit the country's technological capability. Months later, Nvidia launched a new advanced chip called A800 in China to meet export control rules. "A handful of tech companies pack a huge punch on Wall Street due to their sheer size, so any wobble in confidence reverberates on indices." The Philadelphia chip index (.SOX) has surged more than 44% so far this year, far ahead of the benchmark index's (.SPX) 14% rise.

Persons: chipmakers, Biden, Colette Kress, Susannah Streeter, Hargreaves Lansdown, Medha Singh, Akash Sriram, Arun Koyyur, Vinay Dwivedi Organizations: Nvidia, Devices, Intel, U.S ., Commerce Department, Wall, AMD, Nordic Semiconductor, Thomson Locations: China, U.S, Philadelphia, Milan, Bengaluru

☆ Chip stocks smacked as U.S. mulls fresh curbs on AI access to China
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +2 min

Nvidia fell 4%, Advanced Micro Devices 3.3% and Intel 0.7%, while futures tracking the tech-heavy Nasdaq 100 index edged 0.5% lower. The new restrictions being considered by the Commerce Department would include a ban on the sale of Nvidia's advanced chip called A800 without a special U.S. export license. The Philadelphia chip index (.SOX) has surged more than 44% so far this year, far ahead of the benchmark index's (.SPX) 14% rise. Among other chip stocks, Marvell Technology (MRVL.O), Applied Materials (AMAT.O), Intel (INTC.O), Microchip Technology (MCHP.O) fell between 1.1% and 3% on Wednesday. Across the Atlantic, Nordic Semiconductor (NOD.OL), Dutch chipmaker ASML (ASML.AS), Milan-listed STMicroelectronics , however, gained between 1.2% and 2%.

Persons: chipmakers, Biden, Susannah Streeter, Hargreaves Lansdown, Medha Singh, Arun Koyyur Organizations: Companies, Nvidia, Devices, Intel, U.S ., Commerce Department, Wall Street, AMD, Marvell Technology, Materials, Technology, Nordic Semiconductor, Thomson Locations: China, U.S, Philadelphia, Milan, Bengaluru

BlackRock filed for a prospective spot bitcoin ETF on June 15, undeterred by the Securities and Exchange Commission's (SEC) past record of rejecting every such application. Bitcoin's market value has grown to comprise nearly half of the $1.1 trillion overall crypto market, its highest share in over two years, according to data tracker CoinMarketCap.com. Since the BlackRock filing, Invesco and WisdomTree have also reapplied for spot bitcoin ETFs after they had previous applications rejected by the regulator. Bryan Armour, director of passive strategies research for North America at Morningstar, said a spot bitcoin ETF could be a more cost-effective way for investors to trade. "It doesn't appear that most crypto ETF holders are institutional – assets are pretty spread out," he added.

Persons: Satoshi, Exchange Commission's, Satoshi Nakamoto's, Mikkel Morch, hasn't, Andrew Bond, Rick Meckler, Bryan Armour, I'd, David Wells, Medha Singh, Lisa Pauline Mattackal, Pravin Organizations: BlackRock, Securities, Exchange, SEC, Rosenblatt Securities, U.S, Cherry Lane Investments, Reuters Graphics Reuters, North America, Morningstar, MorningStar, TrackInsight, Morgan Asset Management, State, Enclave Markets, Pravin Char, Thomson, Reuters Locations: United States, U.S, New Vernon , New Jersey, J.P, BlackRock, Bengaluru

Financial markets, however, are still pricing in a 25-basis-point rate increase in July and no further hikes after that, according to CME FedWatch tool. After Powell reinforced the Fed's inflation objective, rate-sensitive megacap companies pushed Wall Street's major indexes lower for the third straight session on Wednesday. Yields on the 2-year and 10-year Treasury notes were little changed after the data and ahead of Powell's testimony before the U.S. Senate Banking Committee at 10 a.m. The S&P index recorded three new 52-week highs and three new lows, while the Nasdaq recorded 12 new highs and 33 new lows. Reporting by Shubham Batra, Shristi Achar A and Medha Singh in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Tesla, Morgan Stanley, Jerome Powell, Powell, Wall, Mark Luschini, Janney Montgomery Scott, advancers, Shubham Batra, Shristi, Medha Singh, Arun Koyyur Organizations: Dow, Nasdaq, Tesla, U.S . Senate, Dow Jones, Boeing, Accenture, Darden, Olive Garden, NYSE, Thomson Locations: Washington, Wichita , Kansas, Bengaluru

☆ Stocks fall as Powell says inflation fight not over
▼ + stars: | 2023-06-21 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

While noting that inflation remains very far from the Fed's target, Powell said it may make sense to move rates higher, at a more moderate pace. The pan-European STOXX 600 index (.STOXX) lost 0.50% and MSCI's gauge of stocks across the globe (.MIWD00000PUS) shed 0.37%. The Fed is "walking a tight rope between trying to tell people they are going to fight inflation as their No. The U.S. dollar index briefly rose following the release of Powell's testimony, but was last down slightly. The dollar index fell 0.458%, with the euro up 0.67% to $1.0989.

Persons: Brendan McDermid, Powell, Jerome Powell, Raphael Bostic, Rick Meckler, Brent, Caroline Valetkevitch, Medha Singh, Lawrence White, Wayne Cole, Jacqueline Wong, Lincoln, Alex Richardson, David Goodman, Richard Chang, Cynthia Osterman Organizations: New York Stock Exchange, REUTERS, U.S, Treasury, Capitol, Atlanta Federal Reserve, Yahoo Finance, Nasdaq, Dow Jones, Cherry Lane Investments, U.S . West Texas, Thomson Locations: New York City, U.S, New Vernon , New Jersey

☆ Stocks fall, yields up; Powell says inflation fight not over
▼ + stars: | 2023-06-21 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +2 min

[1/3] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 30, 2023. REUTERS/Brendan McDermidSummary U.S. stocks mostly lowerTreasury yields risePowell updates on U.S. rate outlook in testimonyNEW YORK, June 21 (Reuters) - Global stock indexes mostly fell and Treasury yields rose on Wednesday as Federal Reserve Chair Jerome Powell said the fight to lower inflation still has a "long way" to go. The pan-European STOXX 600 index (.STOXX) lost 0.47% and MSCI's gauge of stocks across the globe (.MIWD00000PUS) shed 0.35%. The U.S. dollar index initially rose following the release of Powell's testimony, but was last down slightly. Treasury yields rose on Powell's hawkish tone.

Persons: Brendan McDermid, Powell, Jerome Powell, Rick Meckler, Brent, Medha Singh, Lawrence White, Wayne Cole, Jacqueline Wong, Lincoln, Alex Richardson, David Goodman, Richard Chang Organizations: New York Stock Exchange, REUTERS, Treasury, Financial Services, Cherry Lane Investments, Nasdaq, Dow Jones, U.S, Thomson Locations: New York City, U.S, New Vernon , New Jersey

☆ Manchester United shares hit two-month high on speculations over takeover bid
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +1 min

June 13 (Reuters) - Shares of Manchester United (MANU.N) jumped 13% to hit a two-month high on Tuesday after a report hinted that Qatar's Sheikh Jassim bin Hamad al-Thani was likely to succeed with his takeover bid for the English football club. Qatar's Al-Watan newspaper reported on Tuesday that Sheikh Jassim, son of a former prime minister of the country, was poised to be announced as the preferred bidder of the Premier League soccer club, CNBC said. Manchester United declined a Reuters request for comment. New York-listed shares of Manchester United were trading at $23.07, after rising as much as 30% before the opening bell. The Glazer family is reportedly seeking 6 billion pounds ($7.5 billion), which would be a world record for any sports club or franchise, but neither bid is that high.

Persons: Sheikh Jassim bin Hamad, Thani, Qatar's, Sheikh Jassim, Molly Darlington, Jim Ratcliffe's INEOS, Sheikh Jassim's, Glazer, Medha Singh, Aditya Soni, Shinjini Organizations: Manchester United, English, Watan, Premier League soccer, CNBC, Reuters, Soccer Football, Manchester City, FA, REUTERS, Mail, Thomson Locations: Qatar's Al, Old Trafford, Manchester, Britain, New York, Bengaluru

☆ Manchester United shares climb on speculations over takeover bid
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +1 min

June 13 (Reuters) - Manchester United's shares (MANU.N) were up 15% in premarket trading on Tuesday after a report hinted that Qatar's Sheikh Jassim bin Hamad al-Thani was likely to succeed with his takeover bid for the English football club. Qatar's Al-Watan newspaper reported on Tuesday evening that Sheikh Jassim, son of a former prime minister of the country, was poised to be announced as the preferred bidder of the Premier League soccer club, CNBC said. Manchester United declined a Reuters request for comment. New York-listed shares of Manchester United were up at $23.07, paring almost half their premarket gains on Tuesday. The Glazer family is reportedly seeking 6 billion pounds ($7.5 billion), which would be a world record for any sports club or franchise, but neither bid is that high.

Persons: Sheikh Jassim bin Hamad, Thani, Qatar's, Sheikh Jassim, Jim Ratcliffe's INEOS, paring, Glazer, Sheikh Jassim's, Medha Singh, Aditya Soni, Shinjini Organizations: Manchester United's, English, Watan, Premier League soccer, CNBC, Reuters, Manchester United, Daily Mail, Thomson Locations: Qatar's Al, . New York, Bengaluru

Over 50 cryptocurrencies worth over $100 billion in total and making up about 10% of the overall market, are now viewed by the SEC watchdog as securities, according to CCData. Among major players, for example, solana , polygon and cardano have sunk between 23% and 32%. Bitcoin and ether weren't named in the SEC's lawsuit, nor were stablecoins such as tether and USC Coin. By contrast, bitcoin investors who have held their coins for more than five months appeared relatively calm and accounted for just 1.9% of deposit volume. Investment products tracking altcoins have seen positive - albeit small - net inflows this year, in contrast to bitcoin and ether, Coinshares data showed on Monday.

Persons: Vetle Lunde, Ryan Rasmussen, solana, Lucas Kiely, Alex Thorn, Noelle Acheson, James Butterfield, Lisa Mattackal, Medha Singh, Pravin Organizations: U.S, SEC, K33 Research, solana, Securities, Bitwise Asset Management, Reuters Global Markets, Cardano Foundation, Solana Foundation, Reuters, Polygon Labs, Reuters Graphics Reuters, USC, BTC, ETH, Firmwide Research, Galaxy Digital, Pravin Char, Thomson Locations: cardano, altcoins, Bengaluru

☆ Binance plans to swap 750 million of token pairs to ensure liquidity
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +2 min

June 12 (Reuters) - Binance said in a tweet on Monday it would swap 750 million tether-tron token pairs for tether-ether in an attempt to maintain the stablecoin's liquidity. The move comes amid renewed regulatory scrutiny at the world's largest cryptocurrency exchange and will help cushion some of the fallout from recent blows, including Binance being sued by the U.S. Securities and Exchange Commission. The swap, set to start after 12 p.m. UTC on Monday, will be held directly with the tether team, the tweet said. Tron is the ninth largest cryptocurrency with a $6.3 billion market value, while ether is the largest after bitcoin, with its $210 billion market capitalization. A month later the U.S. arm of Binance said it would remove digital asset token tron from its trading platform.

Persons: Binance, Changpeng Zhao, Zhao, Justin Sun, Mehnaz Yasmin, Medha Singh Organizations: U.S . Securities, Exchange Commission, U.S ., SEC, U.S, Binance, Tron Foundation, Thomson Locations: U.S, Bengaluru

June 6 (Reuters) - It's a tense time for bitcoin investors. The capricious cryptocurrency's been uncommonly quiet over the past four weeks, bound in the range of $28,452 and $25,800. Bitcoin's volatility index is near 64, well below the 2023 peak of 116.5 touched in January, according to CryptoCompare. "Trading volatility, buying options in the absence of a price move, that's what people might do in this market." Market positioning indicates the maximum pain level for the June 2023 options expiry for bitcoin is at around $24,000, which could act as a support or resistance level, according to analysts at Bitfinex.

Persons: CryptoCompare, Noelle Acheson, Matthew Weller, Luuk Strijers, Strijers, Thomas Kralow, Medha Singh, Lisa Pauline Mattackal, Pravin Organizations: bitcoin, BULLS, Kralow, Pravin Char, Thomson, Reuters Locations: Bengaluru

☆ Apple shares notch all-time high ahead of developer conference
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +1 min

June 5 (Reuters) - Apple Inc (AAPL.O) shares hit a record high for the first time in 17 months on Monday, ahead of an annual software developer conference, although the company's market value remained short of an all-time peak of $3 trillion. Apple is expected to launch a mixed-reality headset at its Worldwide Developers Conference (WWDC) later in the day, which would be its first big move into a new product category since the introduction of the Apple Watch nine years ago. Shares of the world's most valuable listed company were last up 1.8% at $184.15. Apple became the only company to hit $3 trillion in market capitalization early last year. Reporting by Medha Singh in Bengaluru; Editing by Shounak Dasgupta and Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Morgan Stanley, Erik Woodring, Woodring, Medha Singh, Shounak Dasgupta, Anil D'Silva Organizations: Apple Inc, Apple, Worldwide Developers, Apple Watch, Thomson Locations: Bengaluru

☆ C3.ai shares slide as revenue forecast fails to live up to AI hype
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +2 min

June 1 (Reuters) - Shares of C3.ai Inc (AI.N) dropped nearly 20% in premarket trading on Thursday after the AI software maker's quarterly revenue forecast missed estimates, dampening some of Wall Street's recent euphoria around AI-linked stocks. AI analytics firm BigBear.ai (BBAI.N), conversation intelligence firm SoundHound AI (SOUN.O) and Thailand's security firm Guardforce AI (GFAI.O) were down between 0.5% and 7.5%. The midpoint of C3.ai's full-year revenue forecast was $307.50 million, below Wall Street expectations of $317.1 million, according to Refinitiv data. The company, however, said it had received bookings from diverse industries, benefitting from the strong AI software demand and remained on track to post a profit by the end of April 2024. Average Wall Street rating was "hold".

Persons: We've, we've, Canaccord Genuity, Piper Sandler, Arvind Ramnani, Medha Singh, Vansh Agarwal, Rashmi Organizations: Nvidia, Thomson Locations: Wall, Redwood City , California, Bengaluru

☆ Nvidia rally: Retail investors stay out on growing slowdown worries
▼ + stars: | 2023-05-31 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

May 31 (Reuters) - The rally in the shares of Nvidia Corp (NVDA.O) that briefly propelled its market value to the trillion-dollar club saw little participation by retail traders, data showed, the latest sign they were turning cautious due to growing recession fears. Retail buying in Nvidia shares on an average nearly halved to $27.9 million in May compared to February, Vanda Research data showed, even as it remained the fourth most-traded stock by individual investors. After a record net buying in U.S. stocks the first quarter, retail investors have largely remained on the sidelines amid stresses in the banking sector and signs of an economic slowdown. The total value of the stock traded by retail investors surged to $2.5 billion last Thursday, but still net purchases remained marginal at $43 million, Vanda Research said. J.P.Morgan data showed Nvidia was the third most traded stock by retail investors but the buy and sell orders were nearly even, indicating lower retail interest than in the first quarter.

Persons: Lucas Mantle, Mantle, Tesla, Morgan, Vanda, Medha Singh, Vansh Agarwal, Lance Tupper, Arun Koyyur Organizations: Nvidia Corp, Vanda Research, Retail, Nvidia, U.S, Thomson Locations: Bengaluru

☆ Nvidia set to become first US chipmaker valued at over $1 trillion
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +2 min

May 30 (Reuters) - Nvidia Corp (NVDA.O) is close to breaching $1 trillion in market capitalization, making it the first U.S. chipmaker to join the trillion-dollar club. The gaming and AI chip company, whose shares rose 3.8% in trading before the bell on Tuesday, was valued at $998 billion. AI took center stage after Nvidia stunned investors with a revenue forecast last week that surpassed analysts' expectations by more than 50%. The highest price target valued the company at about $1.6 trillion, on par with Google-parent Alphabet. Reuters GraphicsReporting by Medha Singh, Akash Sriram and Samrhitha Arunasalam in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ NYSE to bust erroneous CDW Corp trades as shares briefly dive 96%
▼ + stars: | 2023-05-18 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

May 18 (Reuters) - NYSE Arca Equities is looking into likely erroneous trades in the shares of IT solutions provider CDW Corp (CDW.O) after they briefly plunged as much as 96% to $7 in premarket trading on Thursday. The exchange operator, owned by Intercontinental Exchange (ICE.N), said it would bust all trades in the stock between 04:00 a.m. CDW Corp shares quickly recouped most of their losses and were last down 0.7% at $172.09 before the bell. ET, closed at $173.25 with a market value of $23.35 billion on Wednesday. CDW Corp and CaliberCos did not immediately respond to a Reuters requests for a comment.

☆ PacWest, Western Alliance lead rebound in US regional lenders
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +1 min

May 18 (Reuters) - Battered shares of PacWest Bancorp and Western Alliance Bancorp edged higher premarket on Thursday as the U.S. midsize lenders looked to sustain a recent rebound powered by bets that the worst of the regional banking turmoil was over. PacWest Bancorp (PACW.O), which is currently exploring strategic options, climbed 7.2% and was set to build on a 22% gain recorded for the week till Wednesday. Shares of Western Alliance (WAL.N) climbed 7.2%, also poised to extend their near 27% surge this week after the Phoenix-based lender reported strong deposit growth in an attempt to reassure investors of its financial health after three regional lenders failed in recent months. The KBW Regional Banking Index (.KRX) jumped 7.2% on Wednesday, recording its biggest percentage gain in nearly two years. Among other movers on Thursday, Zion Bancorp (ZION.O) climbed 2.6% and First Horizon (FHN.N) added 2.4%.

☆ US exchanges to bust erroneous CDW Corp trades after shares briefly dive 96%
▼ + stars: | 2023-05-18 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

They would bust all trades in the stock between 04:00 a.m. CDW Corp shares quickly recouped most of their losses and were last up 0.2% at $173.50. ET, closed at $173.25 with a market value of $23.35 billion on Wednesday. Scottsdale, Arizona-based CaliberCos jumped 44.8% to $8.65, a day after it jumped in its Nasdaq debut to notch a market value of $123.7 million. CDW Corp and CaliberCos did not immediately respond to a Reuters requests for a comment.

Pepe, a coin inspired by an anthropomorphized frog popular in internet memes, leapt nearly 7,000% in the 17 days after its April 16 launch, hitting a market value of $1.8 billion by May 5, according to data tracker CoinGecko. "It's almost like, if the market is not moving up fast enough, traders find these smaller tokens to trade with." Since its launch in April, the token linked to Pepe the frog has raced up the list of meme coins in terms of market value. Binance says on its website that pepe has "no utility" or "value support mechanism". The centralized listings also opened the door for derivative trading for pepe, with leveraged exposures and volatility pushing Ethereum transaction fees higher, Devens said.

☆ AI lending firm Upstart jumps as $2 bln funding news squeezes bears
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +2 min

May 10 (Reuters) - Shares of highly shorted Upstart Holdings (UPST.O) jumped 32% in premarket trading on Wednesday, squeezing out bearish investors, after the artificial intelligence-driven lending marketplace secured an additional $2 billion in funding. "(The) committed funding agreements are a concrete step towards stabilizing Upstart's business," said James Faucette, analyst at Morgan Stanley, raising its price target on the stock to $13 from $10. At current levels, short sellers stand to lose about $122 million, according to analytics firm Ortex. When there is a rush of demand from short sellers looking to exit bearish bets due to a rise in a stock's price, it pushes prices even higher, resulting in a short squeeze. The company's net loss per share, excluding items, was 47 cents, beating analysts' estimates of 81 cents loss per share, according to Refinitiv.

☆ AI lending firm Upstart jumps as $2 bln funding squeezes bears
▼ + stars: | 2023-05-10 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

May 10 (Reuters) - Shares of highly shorted Upstart Holdings (UPST.O) jumped 32% in early trading on Wednesday, squeezing out bearish investors, after the artificial intelligence-driven lending marketplace secured an additional $2 billion in funding. "(The) committed funding agreements are a concrete step towards stabilizing Upstart's business," said James Faucette, analyst at Morgan Stanley, raising its price target on the stock to $13 from $10. At current levels, short sellers stand to lose about $122 million, according to analytics firm Ortex. "With the price in Upstart jumping up over 30%, some short sellers will try to close their positions... adding additional buy pressure on the stock," said Peter Hillerberg, co-founder of Ortex. The company's net loss per share, excluding items, was 47 cents, beating analysts' estimates of 81 cents loss per share, according to Refinitiv.

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