April 27, 2024 1:54 AM | 2 min read |
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Billionaire investor Bill Gross has advised investors to steer clear of tech stocks despite Microsoft Corporation (NASDAQ:MSFT) and Alphabet Inc.’s (NASDAQ:GOOG) (NASDAQ:GOOGL) “spectacular quarters.”
What Happened: Gross, known as the “bond king,” has cautioned investors to be wary of the tech sector. Earlier this week, he took to X, formerly Twitter, and said, “Stick to value stocks, avoid tech for now,” disclosing that he holds stock in Western Midstream Partners and energy infrastructure firm MPLX.
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He went on to suggest that if investors must venture into tech, Microsoft is the only viable option, stating, “MSFT best in tech if you must.”
He also expressed doubts about holding bonds, especially with the 10-year yield surpassing 4.7% on Thursday following the GDP report. “10-year Treasury moving to 4.75%. Why own bonds? T bills yield 5.25%.”
Why It Matters: Gross’s advice comes at a time when the tech industry is experiencing significant shifts. On Friday, CNBC “Mad Money” host Jim Cramer said that despite Alphabet and Microsoft’s “spectacular quarters” they have barely received coverage.
The parent company of Google announced that its revenue for the first quarter rose by 15% year-over-year to $80.539 billion, surpassing the consensus estimate of $78.594 billion. The company also reported quarterly earnings of $1.89 per share, exceeding analyst expectations of $1.51 per share, according to earnings data from Benzinga Pro.
Microsoft’s revenue for the third quarter surged by 17% year-over-year to $61.9 billion, outperforming the consensus estimate of $60.804 billion. The tech giant also posted quarterly earnings of $2.94 per share, surpassing analyst projections of $2.82 per share.
However, despite these positive results, the tech sector has been struggling. Tesla Inc. (NASDAQ:TSLA) reported disappointing results, but its stock rose on the announcement of a new, more affordable vehicle model. On the other hand, Meta Platforms Inc. (NASDAQ:META) disappointed investors with weak guidance in its earnings report, leading to a sharp stock decline and further dragging down the tech sector.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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