Bitcoin, AI, and Market Trends: CNBC Daily Open

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe. Bitcoin is predicted to break the $100,000 level in December 2024 after Donald Trump, largely seen as friendly to the cryptocurrency, won the U.S. elections.

Industry executives and crypto investors see strong momentum for bitcoin, with several predicting that it will continue to rise. The fate of a proposed nuclear power plant in Japan rests with U.S. President Joe Biden, who has until Jan. 7 to decide. In an attempt to persuade Biden, Nippon Steel has offered to give the U.S. government a significant discount on its visual language model. Alibaba has slashed prices on its visual language model by up to 85%, the company announced Tuesday. The model, named Qwen-VL, is designed to understand both texts and images. Alibaba's move signals the growing competition between Chinese tech giants as they aim to gain market share for their artificial intelligence products. The S&P 500 rose an average of 1.3% during the 'Santa Claus rally,' according to Dow Jones Market Data going back to 1950. However, the index fell over the last few trading days of 2024, diminishing hopes of the rally taking place. Its failure to appear might signal a weakening market trend. Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weekly newsletter. The broad-based index blazed through the gates right from the start of 2024. In the first quarter of the year, it jumped up 10.2%. That's more than 10 times its average gain since 2000, noted CNBC's Robert Hum. That momentum couldn't be sustained. The S&P added 3.9% and 5.5% in the second and third quarter, respectively, of 2024. In any other year, investors might not have been disappointed with those figures. But the index's first-quarter performance set the bar so high that subsequent quarters seemed to pale in comparison. In the final quarter of 2024, the S&P limped forward just 1.9%.

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