A recent research paper on SSRN by legal scholars scrutinizes the ethical quandaries and potential conflicts of interest surrounding Sullivan & Cromwell LLP’s involvement in FTX’s Chapter 11 bankruptcy filing. Study Highlights Legal Ethics From FTX Bankruptcy Proceedings The SSRN research paper entitled “Conflicting Public and Private Interests in Chapter 11” meticulously explores the controversial […]
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Intel Corp.’s bear camp got a little smaller Friday as a BofA Securities analyst ended his negative call on the stock.
BofA’s Vivek Arya still has concerns about Intel
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including that there’s limited upside in the PC market and that the company is shedding server market share to Advanced Micro Devices Inc.
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and ARM Holdings PLC
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But he’s feeling more encouraged about other areas of the business, including its Mobileye autonomous-driving unit and its foundry plans.
See also: Intel announces new PC, server chips designed for AI uses
What’s more, Arya thinks that Intel is undervalued on a sum-of-the-parts basis. That could change as the company moves to separate its design and manufacturing financials early next year.
“This should help compare each business unit to its respective [comparables],” he noted.
Additionally, Intel has signaled an interest in spinning off its field-programmable gate-array business into a separate public company, “potentially gearing up the stock for a revaluation on a sum-of-the-parts basis,” Arya said.
He upgraded the stock to neutral from underperform in his latest note, while lifting his price objective to $50 from $32.
Arya also changed his thinking on shares of AMD, boosting his rating to buy from neutral and upping his price objective to $165 from $135.
“We view AMD as well-positioned to gain incremental share of the hugely profitable $100 billion-plus accelerator market while continuing to make progress in server [central processing units] against incumbent [Intel],” he wrote.
Nvidia Corp.’s stock
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is still his preferred way to play compute and artificial-intelligence trends, but Arya said that AI and generative AI “are multi-year phenomena and represent opportunities for many.”
Read: Could Nvidia’s stock — up 231% this year — actually be a bargain?
AMD shares were up 0.6% late in Friday’s session, while Intel’s stock was ahead 1.9%.
Gensler mentioned that the agency initiated over 780 enforcement actions in 2023 leading to $5 billion in judgments and orders. The agency also distributed $930 million being distributed to investors.
Gary Gensler, Chair of the US Securities and Exchange Commission (SEC), discussed the regulatory body’s enforcement efforts during his speech at the 2023 Securities Enforcement Forum. He highlighted that these actions resulted in judgments and orders amounting to $5 billion.
Notably, Gensler’s remarks about the cryptocurrency market stirred discussion within the crypto community on social media. He stated:
“Don’t get me started on crypto. I won’t even name all the individuals we’ve charged in this highly noncompliant field.”
In the context of the SEC’s economic perspective on enforcement actions, Gensler mentioned that the agency initiated over 780 enforcement actions in 2023. Of these more than 500 were standalone cases. These actions ultimately led to $5 billion in judgments and orders, with $930 million being distributed to investors who had suffered losses.
Gensler further disclosed that the SEC had initiated legal action against 40 companies for violating diverse rules and regulations since December 2021, resulting in fines exceeding $1.5 billion. He also pointed out that the SEC had resolved charges related to recordkeeping with 23 companies in the past fiscal year, marking a significant number of settlements in this category.
During his address, the SEC Chair reiterated his previous stance on cryptocurrencies, asserting that a substantial portion of the crypto market should be classified as securities and therefore subject to the same regulatory framework. He elaborated on the extensive scope of the term “security,” emphasizing the notion of an investment contract and how it closely aligns with many cryptocurrency assets. Gensler contended that the majority of crypto assets would meet the criteria for investment contracts, thereby making them subject to securities regulations.
Furthermore, Gensler drew parallels between the current state of the cryptocurrency ecosystem and the financial landscape of the 1920s, a time when securities regulations were not in the market. He highlighted that the crypto sector faces similar challenges to those experienced before introducing comprehensive regulations resulting in numerous fraudulent activities, scams, and financial insolvencies. Gensler argued that these issues underscore the need for more stringent regulatory measures.
“Without prejudging any one asset, the vast majority of crypto assets likely meet the investment contract test, making them subject to the securities laws,” noted Gensler.
Gensler’s critique of the cryptocurrency market has been consistent over the years, echoing his well-established position. Nevertheless, numerous voices, including members of Congress, the cryptocurrency community, and key US-based businesses, have urged Gensler to provide clearer and more comprehensive guidance regarding cryptocurrency regulations.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.