Latest news with #Chhugani
Yahoo
13-05-2025
- Business
- Yahoo
Coinbase Shares Could See $16B of Buying Pressure From S&P 500 Index Inclusion: Bernstein
Crypto exchange Coinbase (COIN) is soaring 16% early Tuesday after the Monday evening announcement of its inclusion into the S&P 500. COIN will be added to the S&P 500 index after the close on Friday, replacing Discover Financial Services (DFS) which is being acquired by Capital One (COF). Wall Street brokerage Bernstein estimates the move could lead to roughly $16 billion of buying pressure for Coinbase — around $9 billion from passive funds linked to the S&P 500 and $7 billion from active allocations. Coinbase is the "first and only crypto company to join the S&P 500," analysts led by Gautam Chhugani wrote. Chhugani has an outperform rating on Coinbase shares with a $310 price target, or about another 30% upside from the current $240. Investment bank KBW estimates that S&P 500 passive funds will need to buy 36 million Coinbase shares for index inclusion, which is about 4 days of average buying volume. KBW further noted that as of April 30, 9.9 million Coinbase shares were held short, which is 1.4 days to cover. "Since 2017, financial 500 adds have outperformed by 5.2% on the day after announcement," KBW said, and Coinbase's addition could pave the way for other crypto firms to join the index.
Yahoo
23-04-2025
- Business
- Yahoo
Nuvocargo acquires South Carolina-based 3PL
Nuvocargo announced it has acquired third-party logistics provider Merge Transportation, the company's first 3PL acquisition. Deepak Chhugani, founder and CEO of Nuvocargo, said the acquisition gives the company a 3PL focused on intra-U.S. freight solutions and helps expand their service offerings across all of North America. Nuvocargo was founded in 2019 as an all-in-one AI-powered platform for trade among the U.S., Mexico and Canada. The company offers 3PL, 4PL, freight brokerage, customs brokerage and managed transportation solutions. 'With the acquisition, we become a full North America logistics business now, adding intra-U.S., with Mexico and Canada,' Chhugani told FreightWaves in an interview. 'Now we have intra-U.S. brokerage with Merge Transportation. Nuvocargo is growing and has different capabilities. Merge is an awesome partnership where our customers are going to benefit from support with intra-U.S. capabilities. We believe Merge's customers are going to benefit from their needs with Mexico and Canada cross-border.' Charleston, South Carolina-based Merge Transportation was founded in 2019. The company, which has about 14 employees, provides full truckload, less-than-truckload, refrigerated, rail, air and hazmat transportation services across the U.S. Terms of the acquisition were not disclosed. The entire Merge team is expected to join Nuvocargo. Chhugani said he expects the acquisition of Merge Transportation to add 'tens of of thousands of shipments a year by the end of the year.' In addition to acquiring Merge Transportation, Nuvocargo is expanding its Mexico City office, hiring more people to join its product team. Chhugani said the company is growing the Mexico City staff to improve its AI-powered tools such as NuvoOS and be closer to clients south of the border. NuvoOS is the company's end-to-end transportation management system tailored to the complexities of U.S.-Mexico trade. 'One of our business units is our U.S.-Mexico 3PL, our brokerage in Mexico City, and we have some folks from our product teams based in the office,' Chhugani said. 'Because they're the ones helping scope out the requirements of what to build, we've found a lot of success in having them be very embedded in the operation and seeing the day-to-day, especially for cross-border, places where there's a lot of complexities and handoffs between the different people at the border, so they're shadowing these teams that are using NuvoOS and the AI tools that we've built day to day.' Nuvocargo also recently received Customs-Trade Partnership Against Terrorism certification for its customs brokerage. CTPAT is a voluntary supply chain security program offered by U.S. Customs and Border Protection. 'A big part of our U.S.-Mexico cross-border brokerage is CTPAT carriers, because that's what shippers need,' Chhugani said. With so much uncertainty in the supply chain due to tariffs being imposed across the global marketplace, Chhugani said he remains bullish on U.S.-Mexico trade. 'Even in this deep 30-month freight recession we've been in, Nuvocargo's three business units all grew more than double,' he said. 'We're seeing a lot of resonance with our business units and our technology in the past year. We've seen a lot of strong momentum organically, and now it's even more exciting with this merger and acquisition. The company has really grown significantly, and I think we're positioning ourselves really well in the future of North America and also the future of artificial intelligence.' The post Nuvocargo acquires South Carolina-based 3PL appeared first on FreightWaves. Sign in to access your portfolio
Yahoo
21-04-2025
- Business
- Yahoo
Bitcoin rises above $88,000 as 'main street proxy' outperforms Nasdaq amid Trump tariff turmoil
Bitcoin (BTC-USD) surged as much as $88,000 on Monday while stocks tanked, prompting one Wall Street strategist to note that the world's largest cryptocurrency has outperformed the Nasdaq Composite (^IXIC) against the backdrop of a trade war. "Bitcoin outperformance to Nasdaq has been striking all through the U.S tariffs crisis - Bitcoin is down 10% YTD vs. Nasdaq down 16% YTD," Bernstein managing director Gautam Chhugani wrote on Monday before the market open. "We expect Bitcoin and broader global blockchain assets to play a defining role, amidst the deglobalization trends." Read more: The latest news and updates on Trump's tariffs Chhugani expects that bitcoin will benefit from the Trump administration's efforts to build a regulatory framework around crypto, including "stablecoins" — tokens pegged to the US dollar. "We believe, politically, the current U.S government sees crypto as a 'main street' proxy with focus on financial innovation (e.g., through stablecoins) beyond the 'big banks,'" Chhugani wrote. The analysts at Bernstein highlight how banks are closely looking at stablecoin technology for cross-border payments, interbank settlements, and other businesses, such as crypto custody, wealth management, trading, and investment banking. Even Federal Reserve Chair Jerome Powell recently said stablecoins "could have fairly wide appeal" as regulations surrounding the digital assets have been introduced in Congress. Bitcoin surged immediately following President Trump's White House victory in November over expectations of pro-crypto policies, reaching an all-time high above $106,000 in January before pulling back. While US assets have sold off in recent weeks, bitcoin has mostly held above the $80,000 level. "The Bitcoin ETFs saw limited selling in Feb/March close to ~$4bn, but the selling seems exhausted in April amid the tariff crisis. Rising institutional holding within ETFs has led to more resilient capital within the Bitcoin ETFs," Chhugani wrote. If the United States were to purchase bitcoin to bolster a strategic reserve beyond the seized assets currently held by the government, that would be a positive catalyst, Bernstein analysts said. Ines Ferre is a Senior Business Reporter for Yahoo Finance. Follow her on X at @ines_ferre. Click here for in-depth analysis of the latest stock market news and events moving stock prices Sign in to access your portfolio
Yahoo
31-01-2025
- Business
- Yahoo
Core Scientific, Inc. (CORZ): Bridging AI and Bitcoin Mining with Advanced HPC
We recently published a list of . In this article, we are going to take a look at where Core Scientific, Inc. (NASDAQ:CORZ) stands against other must-see AI news and ratings you might have missed. Northland Securities recently issued a rating for a stock amidst the DeepSeek AI frenzy. The firm noted that it isn't concerned about the AI models just yet and that it doesn't expect big tech giants to cut their capital expenditures when they report their earnings either. In light of this, the CEOs of tech giants such as Meta and Microsoft have recently defended their massive spending, noting how it was crucial to stay competitive in the new field. Investors panicked after news spread over the weekend about a Chinese startup DeepSeek having released AI models that were built using less power and chips. In response, executives of tech giants are saying that building huge computer networks has been crucial to serving growing corporate needs. Even then, investors have been losing their patience with the huge amounts of spending and a dearth of hefty payouts. READ ALSO: and DeepSeek has been causing a stir in the AI world and refuted the gap that previously existed between the AI capabilities in China and the US. After the first Chinese version of ChatGPT was released, there was a lot of disappointment in China considering it was not on par with ChatGPT. However, DeepSeek's AI models have shifted the AI narrative completely. Not only has it sparked a frenzy in the US, but even its domestic competition has been pressurized. This was made evident when Alibaba released a rival to DeepSeek's model on the Lunar New Year. According to the company, the 'Qwen 2.5-Max outperforms … almost across the board GPT-4o, DeepSeek-V3 and Llama-3.1-405B'. Even though DeepSeek's AI models have been impressive, there is still skepticism and confusion regarding the demand for high-end AI chips and the need for power to run AI-centric data centers. 'There's plenty of uncertainty over what the true demand for state-of-the-art chips, semiconductor fabrication plants and energy will be'. For this article, we selected AI stocks by going through news articles, stock analysis, and press releases. These stocks are also popular among hedge funds. Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter's strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (). everything possible/ Scientific, Inc. (NASDAQ:CORZ) has transitioned into an AI business by leveraging advanced infrastructure and expertise in HPC (high-performance computing). On January 30, analyst Gautam Chhugani from Bernstein maintained a 'Buy' rating on the stock and kept the price target at $17.00. Chhugani's buy rating reflects Core Scientific's (NASDAQ:CORZ) strategic positioning in the AI and Bitcoin mining landscape. Even though it recently faced a setback, it is in a good position to benefit from AI-focused initiatives leveraging its robust infrastructure. The company has reaffirmed its position as a hyperscaler with its readiness in power access and strategic partnerships with cloud partners such as CoreWeave. Moreover, its growth potential is supported by its ability to develop hybrid data centers within a limited time frame. The firm also noted that the company's ambitions to enhance power capacity reflect its leadership in the sector. As such, the stock's current valuation aligns more closely with Bitcoin mining rather than data center valuations. This is an attractive investment opportunity considering 70% of Core Scientific's (NASDAQ:CORZ) capacity is dedicated to AI. Overall, CORZ ranks 3rd on our list of must-see AI news and ratings you might have missed. While we acknowledge the potential of CORZ as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than CORZ but that trades at less than 5 times its earnings, check out our report about the . READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap Disclosure: None. This article is originally published at Insider Monkey. Sign in to access your portfolio
