Category Archives: Cryptocurrency

Cryptocurrencies are expected to see increased activity this year with more avenues opening up for their utility, including banking services, trade, and remittances, apart from the investment interest in India. Trading volumes have increased almost eight times since March after the Supreme Court allowed banks to deal with cryptocurrency exchanges.

As 2021 started, the price per Bitcoin, the worlds largest and oldest cryptocurrency, crossed $34,500 globally on January 3. However, it slipped a day later to $30,000 levels. In India, it is currently around Rs 22 ...

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First Published: Tue, January 05 2021. 06:10 IST

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Cryptocurrency trade may be more action-packed in 2021, say analysts - Business Standard

An illustration of bitcoin on Euro banknotes.

Nicolas Economou | NurPhoto via Getty Images

Bitcoin on Wednesday jumped to a record $28,599.99, after the digital currency almost quadrupled in value this year amid heightened interest from bigger investors.

The world's most popular cryptocurrency was last up 2.3% at $28,012. It has surged by nearly half since breaking $20,000 for the first time on Dec. 16.

Bitcoin has increasingly seen demand from larger U.S. investors in particular, attracted by its perceived inflation-hedging qualities and potential for quick gains, as well as expectations it would become a mainstream payments method.

Investors said limited supply of bitcoin - produced by so-called "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles - has helped power upward moves over recent days.

Many recent entrants to the market are holding onto positions, they said.

"The supply side to the bitcoin market will remain tight," said Jacob Skaaning of crypto hedge fund ARK36.

The latest gains took bitcoin's market capitalization past $518 billion, according to industry website CoinMarketCap.

Other major cryptocurrencies, which tend to move in tandem with bitcoin, were flat. Ethereum, the second biggest, was down 0.4%, on track for a 2020 gain of around 465%.

Original post:
Bitcoin jumps to record $28,600 as 2020 rally reaches new heights - CNBC

HANGZHOU, China, Dec. 31, 2020 (GLOBE NEWSWIRE) -- Ebang International Holdings Inc. (Nasdaq: EBON, the Company, we or our), a blockchain technology company in the global market, today announced that the Company expects to commence public testing of its cryptocurrency exchange and officially launch the exchange in the first quarter of 2021. Currently, the Company has completed the internal testing of its cryptocurrency exchange.

Mr. Dong Hu, Chairman and CEO of the Company, commented, The completion of the internal testing of our cryptocurrency exchange is another step forward in expanding our blockchain financial services business. Meanwhile, we will also explore other business opportunities in the blockchain and cryptocurrency industry such as establishing mining farms and cryptocurrency mining to optimize the structure of our offerings in the blockchain industry value chain.

About Ebang International Holdings Inc.

Ebang International Holdings Inc. is a blockchain technology company with strong application-specific integrated circuit (ASIC) chip design capability. With years of industry experience and expertise in ASIC chip design, it has become a leading bitcoin mining machine producer in the global market with steady access to wafer foundry capacity. With its licensed or registered entities in various jurisdictions, the Company seeks to launch a professional, convenient and innovative digital asset financial service platform to expand into the upstream and the downstream of blockchain and cryptocurrency industry value chain. For more information, please visit https://ir.ebang.com.cn/.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Companys development plans and business outlook, which can be identified by terminology such as may, will, expects, anticipates, aims, potential, future, intends, plans, believes, estimates, continue, likely to and other similar expressions. Such statements are not historical facts, and are based upon the Companys current beliefs, plans and expectations, and the current market and operating conditions. Forward-looking statements involve inherent known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Companys control, which may cause the Companys actual results, performance and achievements to differ materially from those contained in any forward-looking statement. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. These forward-looking statements are made only as of the date indicated, and the Company undertakes no obligation to update or revise the information contained in any forward-looking statements as a result of new information, future events or otherwise, except as required under applicable law.

Investor Relations Contact

For investor and media inquiries, please contact:

Ebang International Holdings Inc. Email: ir@ebang.com.cn

Ascent Investor Relations LLCMs. Tina XiaoTel: (917) 609-0333Email: tina.xiao@ascent-ir.com

Continued here:
Ebang International Holdings Inc. to Launch Cryptocurrency Exchange in the First Quarter of 2021 - GlobeNewswire

Bitcoin could soar to $100,000 this year on the basis of current trends, according to Marcus Swanepoel, chief executive of Luno, a London-based cryptocurrency platform.

The cryptocurrency climbed above $34,000 for the first time on Sunday, extending a record-breaking rally in the volatile currency that delivered a more than 300 per cent gain last year.

While it fell in value on Monday, it remained close to record levels.

With 2021 trading in key financial markets only just commencing , bitcoin has resumed its dizzying ascent, rising more than 10 per cent in the first few days of January.

Even the most bullish of bitcoin advocates could not have foreseen such a meteoric rise in price in such a short space of time, said Marcus Swanepoel, chief executive of Luno, a London-based cryptocurrency platform. History suggests a small pullback could follow, he added.

But the pattern weve seen in the build up to this milestone a consistent increase, rather than one sharp spike sets bitcoin up extremely well for this year, Mr Swanepoel said. He added that something approaching the $100,000 mark before the years end was possible.

The rally has fed concerns that bitcoin is set to repeat the events of three years ago, when a bull market dramatically collapsed. When the cryptocurrency set a record high in November, economist Nouriel Roubini called it a pure speculative asset and bubble with no fundamental value.

But some analysts have pointed to an increase in corporate and institutional interest in bitcoin. Well-known investors such as Paul Tudor Jones and Stanley Druckenmiller have thrown their weight behind it, and crypto-focused hedge funds have outshone peers.

The recent gains have far outpaced mainstream asset classes. Bitcoin rose 305 per cent last year, compared with the 16 per cent lift in Wall Streets blue-chip S&P 500 stock index, and golds 25 per cent rally.

Marc Bernegger, a board member at digital asset manager and broker Crypto Finance, said he would not be surprised to see a healthy correction in bitcoins price in the short term. But he is positive over the longer term, due to massive demand from professional and non-speculative oriented investors.

Fundstrat analysts in late December said the conditions remain in place for a continued rally, citing institutional demand and a clearer approach to the sector from US regulators, as well as the possibility that the latest fiscal stimulus package agreed by Congress could fuel demand from retail investors.

Bitcoins rally has been helped by signs that the cryptocurrency is becoming more integrated into the financial system. In October, PayPal said US customers would be given the option of holding bitcoin in their digital wallets. In December, crypto exchange Coinbase filed with regulators to go public. - Financial Times

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Bitcoin could hit $100,000 by end of 2021, analyst predicts - The Irish Times

At least three Israeli blockchain startups have recently announced about completing major funding rounds: Unbound Tech, Celsius, and Fireblocks. Blockchain payments infrastructure startup Simplex has also announced the launch of its latest products, solutions that enable crypto exchanges and wallets to simplify the buying and selling of crypto assets.

The blockchain industry is maturing and many teams are implementing necessary critical security measures and protocols to ease the minds of worried investors. This comes as part of the technological evolution of new developments. Understanding and complying with strict security standards to appease cryptocurrency holders and investors is paramount and the importance of which wasn't lost on leading Israeli startups. Furthermore, development teams quickly realized that there is an immense gap between payment solutions across fiat and cryptocurrencies, which is why numerous Israeli startups, such as Simplex, devised practical solutions, with more to follow.

To people in the know, its not surprising to see the quick climb after a bearish Crypto Winter for the past couple of years. Many retail investors and financial institutions are entering the fray, and the positive market sentiment caused Bitcoin to soar past its all-time-high mark. Exciting technological improvements coupled with financial speculation and lucrative store-of-value opportunities at times when fiat is experiencing a downtrend due to Covid-19 are a key driver in Bitcoins market-wide acceptance.

The cryptocurrency industry is rampant with malicious and nefarious actors. Many exchanges and high-profile individuals were the targets of elaborate hacks and exploits, and just recently, a company in the local scene has been hit with malicious ransomware attacks in which the hackers requested payment in Bitcoin. Many critics recited the end of cryptocurrencies is near due to these kinds of malicious attacks. Trust and security are paramount in the payments and remittance industry. Should a platform lose its investors' or clients trust, users will stray away. Thus, solving trust and security issues represents the unparalleled intrinsic value that was direly missing previously

So how did the Israeli blockchain startup persevere? There are a few reasons. Unlike most startups, which rely on venture capital funds to manage risk and invest small amounts of capital in early stages, blockchain startups rely on token distribution events akin to an IPO. It allows startups to raise money, similar to regular startup companies.

Most blockchain-related entrepreneurs have raised capital when cryptocurrency markets were on the green side. Extreme amounts of capital were raised by projects; those who focused on improving their product, research and development, and marketing survived to tell the tale. Those who didnt - sank with the ship. The survivors are now breaking through as the spotlight shifts from legacy systems back to niche markets like commodities, metals, and cryptocurrencies. Moreover, those who persevered gained a massive competitive advantage versus newcomers who are now attempting to enter the fray.

We are at the beginning of a revolution, with insane amounts of capital flowing from legacy institutions to Bitcoin and alternative coins. As mentioned before, trust and security solutions are critical for this financial revolution. Nevertheless, improved security protocols and standards are not the remedies for price volatility which is the major component that still drives retail investors away. Should the volatility of cryptocurrency prices simmer down, we might observe true disruption in key industries coming from cryptocurrency startups, with Israeli startups leading the charge.

Liron Rose is a 3x entrepreneur and investor.

Adiel Yaakov is a cryptocurrency expert, researcher and analyst

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Bitcoin is booming and Israel's blockchain infrastructure and security startups hold a major key to the cryptocurrency revolution - CTech

Under new proposed regulations from the Financial Crimes Enforcement Network, it may become much easier for the government to track bitcoin transactions. And while theres currently a 15-day comment period open, cryptocurrency exchange Coinbase and the Electronic Frontier Foundation are calling foul because that period includes Christmas Eve, Christmas Day, New Years Eve, and New Years Day.

The proposed regulations in question, which were filed at 4:20PM ET on December 18th, are about private wallets. Lets say I am a famous and fancy cryptocurrency investor, and I do some trading on Coinbase. If I have my own private wallet that I want to transfer my money to, I will have to identify myself as the wallets owner if Im sending more than $3,000 in a transaction. And if I want to do business with someone else who has a private wallet, I need to tell the exchange some pretty detailed personal information. The exchanges are then required to store records of all this and turn them over on request.

Also under the proposed regulation, an exchange would be required to report my personal information if I make a total of more than $10,000 in transactions in one day. You can see why Coinbase or any other exchange would see this new know-your-customer requirement, at minimum, as a complete pain in the ass.

Its also the most ironic development in cryptocurrencys ironic history; born from a weird group of the libertarians, anarchists, and utopians, cryptocurrency promised to be a way to transact absolutely privately, in a trustless system. Bitcoin, the worlds biggest cryptocurrency, arose just after the 2008 financial crisis as an alternative to banks but these new regulations will make cryptocurrency exchanges act a lot more like banks. Taken in concert with another rule change about international transactions, it may signal that cryptocurrencys wild years are over and anonymity will be harder to find.

Cryptocurrency exchanges make it easy to move from dollars (or whatever) into a cryptocurrency and vice versa. That also means that they make cryptocurrency accessible to more people. The current FinCEN proposal makes more work for these exchanges and for the people operating within them as well as undermining the anonymity for which cryptocurrency is famous. Taken in combination with another recent proposed rule change about how to report cryptocurrency that crosses borders, you can see why some cryptocurrency enthusiasts are nervous.

There are some concrete consequences to this, the EFF points out. First, it makes anonymity more difficult in a transaction between a private wallet and one hosted by an exchange service. Second, the proposed legislation also makes it less appealing to have a private wallet.

But the third problem is the real kick in the ass: some cryptocurrencies, including bitcoin, record all transactions publicly. That means if I am trading bitcoin into my private wallet from an exchange, I have to send a bunch of identifying information about that wallet, which is then potentially available to the US government. Because as soon as you know a specific wallet address is mine, you know every bitcoin transaction I have ever made with that wallet. This means that the government may have access to a massive amount of data beyond just what the regulation purports to cover, the EFF writes.

So bitcoin, a cryptocurrency created to ensure anonymity, would ensure exactly the opposite under these rules. Though, I suppose, with a little creativity, its possible to get around them; you simply create a wallet for the know-your-customer rules, then transfer your money from there into a second private wallet.

Yesterday, Coinbases chief legal counsel, Paul Grewal, issued a response to FinCEN, complaining about the 15 day period for comments on this rule change: FinCEN asked the public to provide comments in just 15 days, spanning Christmas Eve, Christmas Day, New Years Eve, and New Years Day, in the middle of a global pandemic leaving just a handful of actual working days for comments.

Coinbase is asking for a 60 day review period which is the norm. The shorter review period of just 15 days is because the Treasury Department says significant national security imperatives mean this has to move faster. Its true that some cryptocurrency transactions are criminal The Silk Road was a significant part of bitcoins history, after all. The proposed rule says that cryptocurrencies facilitate international terrorist financing, weapons proliferation, sanctions evasion, and transnational money laundering, among its laundry list of potential criminality.

But its hard to know how serious that is, since 60 days from now, cryptocurrency exchanges would be dealing with the Biden administration rather than the outgoing Trump administration. There is no emergency here; there is only an outgoing administration attempting to bypass the required consultation with the public to finalize a rushed rule before their time in office is done, Grewal wrote.

Regardless of the 15-day or 60-day period, it does seem like the Treasury Department is attempting to send a message to any would-be cypherpunks: you cant beat the existing financial world you can only join it.

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Congratulations, the US got you cryptocurrency regulation for Christmas - The Verge

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I cover enterprise adoption of blockchain and cryptocurrency.

Brian Armstrong

Brock Pierce

Visa Inc.

I report on how blockchain and cryptocurrencies are being adopted by enterprises and the broader business community. My coverage includes the use of cryptocurrencies and

I report on how blockchain and cryptocurrencies are being adopted by enterprises and the broader business community. My coverage includes the use of cryptocurrencies and extends to non-cryptocurrency applications of blockchain in finance, supply chain management, digital identity and a number of other use cases. Previously, I was a staff reporter at blockchain news site, CoinDesk, where I covered the increasing willingness of enterprises to explore how blockchain could make their work more efficient and in some cases, unnecessary. I have been covering blockchain since 2011, been published in the New Yorker, and been nationally syndicated by American City Business Journals. My work has been published in Blockchain in Financial Markets and Beyond by Risk Books and I am regularly cited in industry research reports. Since 2009 Ive run Literary Manhattan, a 501 (c) (3) non-profit organization dedicated to showing Manhattans rich literary heritage.

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Forbes Favorites 2020: The Year's Best Cryptocurrency Stories - Forbes

SpaceX CEO Elon Musk has said any future economy on Mars could be cryptocurrency based.

The tech billionaire, who is one of the co-founders of online payments giant PayPal, hopes to send the first humans to Mars as early 2024, with the ultimate aim of setting up a self-sustaining city on Mars as soon as possible".

Responding to a Twitter thread started by AI researcher Lex Fridman, Mr Musk agreed a Mars economy will run on crypto, suggesting it could be with the novelty cryptocurrency dogecoin or the fringe cryptocurrency Marscoin.

The Marscoin project was founded in 2014 and saw a brief surge in popularity during the cryptocurrency market bull run in late 2017 but has since drifted into obscurity. The altcoin currently has a market cap of less than $100,000, according to CoinMarketCap.

Dogecoin could be a more likely candidate, given it continues to be relatively popular and shares many of the same decentralised attributes as bitcoin.

The SpaceX founder has frequently spoken of his ambition to travel to Mars in his lifetime and earlier this year ordered employees to accelerate the development of the next-generation Starship rocket.

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A 12.5km flight test of a Starship prototype took place earlier this month, with plans to build a 1,000-strong fleet of the spacecraft each one capable of carrying up to 100 people.

According to the Terms of Service of SpaceXs Starlink internet project, any future settlements on the Red Planet would recognise Mars as a free planet, adding that no Earth-based government has authority or sovereignty over Martian activities.

The terms stated: Disputes will be settled through self-governing principles, established in good faith, at the time of Martian settlement.

Early Mars colonies will involve life in glass domes, according to SpaceX boss Elon Musk

(Nasa)

It is not yet clear what these principles might be, though Mr Musk has previously hinted that his preference for a Martian government would be one based on direct democracy.

It would be people voting directly on issues, he said in a 2016 interview. The potential for corruption is substantially diminished in a direct versus a representative democracy.

SpaceX did not respond to a request for comment from The Independent but lawyers have noted that any Mars constitution would still be subject to the 1957 Outer Space Treaty, which states that outer space, including the Moon and other celestial bodies, is not subject to national appropriation by claim of sovereignty, by means of use or occupation, or by any other means.

Randy Segal, from the law firm Hogan Lovells, recently told The Independent: The whole of space law contemplates that those of us on this planet share the rights and responsibility to make space something we can all share together."

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Elon Musk says Mars economy will run on cryptocurrency - The Independent

Bitcoin: Cryptocurrency surges by over five percent

With Joe Biden having anointed Ms Yellen as his treasury secretary, her anti-crypto sentiment has made some investors nervous that crippling regulations are in store for the surging digital currency. However, speaking toExpress.co.ukbitcoin pioneer Max Keiser said: "Bitcoin has achieved escape velocity from regulators. There is literally nothing they can do to stop it that doesnt require them to print more fiat money which only makes the demand for bitcoin, and price, go higher.

"We are already seeing defections.

"Regulators in various countries are defecting to bitcoin.

"Its like the fall of the Soviet Union in 1991, except this time its the fall of the global central banks."

Mr Keiser added: "Bitcoin is playing 4D chess, regulators are playing checkers."

Higher inflation and increased amounts of monetary stimulus from the US Federal Reserve will only increase bitcoin's attractiveness as a store of value.

Ms Yellen was the Federal Reserve chair from 2014 to 2018 and has recently stated that she wants the US Congress to spend more, stating that "the economy needs the spending".

The fact that she is less concerned about debt and inflation will have a positive effect on the price of bitcoin.

Her aggressive monetary and fiscal policies will cause many investors to become concerned about inflation of the dollar.

JUST IN:Bitcoin prices surge to over $10,000 as investors ditch other cryptocurrencies

When asked about regulating digital currencies in December 2017 she said: "The Fed doesnt really play any role, any regulatory role with respect to bitcoin other than assuring that banking organisations that we do supervise are attentive that theyre appropriately managing any interactions they have with participants in that market, and appropriately monitoring anti-money laundering and Bank Secrecy Act responsibilities that they have.

In October 2015 Ms Yellen chose to deny that bitcoin's rise could be a response to money printing by the US Federal Reserve.

She said: We do not interpret bitcoins popularity as having a relationship with the publics view of the Federal Reserves conduct of monetary policy.

Then in December 2017 when bitcoin reached its former all-time high she dismissed the world's preeminent cryptocurrency as a "stable store of value".

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She said: It is not a stable store of value and it doesnt constitute legal tender.

"It is a highly speculative asset.

Speaking toExpress.co.uk, Jesse Cohen, senior analyst atuk.Investing.com, said: Its been a blockbuster year for bitcoin, with prices more than tripling this year thanks to growing acceptance of crypto as an asset class of its own."

However, the analyst had concerns about possible regulation from the newly appointed Ms Yellen.

He added: "But with bitcoin moving into the mainstream and capturing greater attention in the year ahead, it will likely draw further scrutiny from regulators in the United States and Asia.

"While many expect the bitcoin rally to continue in 2021, Im more concerned with what the Biden administration could mean for cryptos.

"Incoming Treasury Secretary Janet Yellen in the past has warned investors over bitcoin during her time as Fed Chair, calling it a highly speculative asset and not a stable store of value.

"I expect bitcoin to remain highly volatile to the downside in the new year, given the potential for more scrutiny and tighter regulation.

"That should see prices fall back from their record highs, with the prospect of increased regulation being the most important factor affecting bitcoin in 2021.

The current surge in the value of bitcoin is being driven in no small part by certain Wall Street veterans such as Paul Tudor Jones and Stanley Druckenmiller.

Also, companies like MicroStrategy Inc. and Square Inc. have moved cash reserves into bitcoin in search of better returns than that delivered by near-zero interest rates.

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Bitcoin price latest: If cryptocurrency faces regulation, 'nothing they can do to stop it' - Express

TipRanks

Semiconductors are one of the modern worlds essential industries, making possible so much of what we rely on or take for granted: internet access, high-speed computers with high-speed memory, even the thermostats that control our air conditioning there isnt much, tech-wise, that doesnt use semiconductor chips.With the end of 2020 in sight, its time for the annual ritual of evaluating the equities for the New Year. Wells Fargo analyst Aaron Rakers has cast his eye on the chip industry, tagging several companies as likely gainers next year.The analyst sees several factors combining to boost demand for chips in 2021, including cloud demand, new gaming consoles, and a market resolution to the future of the PC segment. Overall, however, Rakers expects that memory chips and 5G enabled chips will emerge as the drivers of the industry next year. The analyst expects that semiconductor companies, as a group, will see between 10% and 12% growth over the next 12 months.Thats an industry-wide average, however. According to Raker, some chip companies will show significantly higher growth, on the order of 30% to 40% in year ahead. We can look at those companies, along with the latest TipRanks data, to find out what makes these particular chip makers so compelling.Micron Technology (MU)Among the leading chip makers, Micron has staked out a position in the memory segment. The company has seen its market cap expand to $78 billion this year, as shares have appreciated 32% year-to-date. The surge comes on a product line heaving on computer data storage, DRAM, and flash storage.Look back at 2020, Micron has seen revenues increase each quarter, from $4.8 billion in Q1 to $5.4 billion in Q2 to $6.1 billion in Q3. Earnings came in at 87 cents per share, up from 71 cents in Q2 and 36 cents in Q1.The calendar third quarter was Microns 4QFY20, and the full fiscal year showed a decline due attributed to the COVID pandemic. Revenue came in at $21.44 billion, down 8.4% year-over-year, and operating cash flow fell to $8.31 billion from $13.19 billion in FY19. During this past quarter, Microns 1QFY21, the company announced the release of the worlds first 176-layer 3D NAND chip. The new chip promises higher density and faster performance in flash memory, and the architecture is described as a radical breakthrough. The layer count is 40% higher than competing chips.Looking ahead, Micron has updated its F1Q21 guidance, predicting total revenue of $5.7 billion to $5.75 billion. This is a 10% increase from the previous guidance.Wells Fargo's Aaron Rakers calls Micron his top semiconductor idea for 2021. He points out a deepening positive view on the memory, and in particular the DRAM industry. DRAM accounts for approximately two-thirds of Microns revenue and over 80% of the companys bottom-line profits. In addition, Rakers notes Microns technology execution 1Znm DRAM leadership; recently outlined 1nm ramp into 2021, as well as Microns move to 176-Layer 2nd -gen Replacement Gate 3D NAND to drive improved cost curve. We would also highlight Microns execution on graphics memory (e.g., GDDR6X), Multi-Chip Packages (MCPs), and High-Bandwidth Memory (e.g., HBME2) as positives.In line with these comments, Rakers rates Micron shares a Buy, along with a $100 price target. This figure suggests room for 41% growth in 2021. (To watch Rakers track record, click here)Micron has 24 recent reviews on record, breaking down to 19 Buys, 4 Holds, and 1 Sell, and giving the stock a Strong Buy from the analyst consensus. Shares are priced at $70.96, and recent appreciation has pushed them almost to the $74.30 average price target. But as Rakers outlook suggests, there may be more than just 4.5% upside available here. (See MU stock analysis on TipRanks)Advanced Micro Devices (AMD)With $6.5 billion in total sales last year, and a market cap of $110.7 billion, AMD is a giant company but it doesnt even crack the top five of the worlds largest chip makers. Still, AMD has a solid position in the industry, and its x86 processors provide stiff competition for market-leading Intel (INTC). AMD shares have shown solid growth this year, and are up 101% as 2020 comes to a close.The share growth rides on the back of steady revenue gains since the corona crisis peaked in Q1. AMDs Q3 top line came in at $2.8 billion, up 55% from the $1.8 billion recorded in the year-ago quarter and beating the forecast by 10%. Earnings, at 37 cents per share, were up 220% year-over-year. The company credited the growth to solid results in the PC, gaming, and data center product lines, and boasted that it was the fourth consecutive quarter with >25% yoy revenue growth.AMD announced last month a new product for the scientific research market, the Instinct MI100 accelerator. The new chip is billed as the worlds fasted HPC GPU, and the first such x86 server to exceed 10 teraflops performance.Covering AMD for Wells Fargo, Rakers wrote: We remain positive on AMDs competitive positioning for continued sustained gradual share gains in PCs We also believe AMDs deepening data center GPU strategy with new Instinct MI100 GPUs and the release of RoCM 4.0 software platform could become increasingly visible as we move through 2021. AMDs roadmap execution would remain an important focus 7nm+ Ryzen 4000-series, new RDNA Radeon Instinct data center GPUs (MI100 / MI120), and the 3 rd -gen 7nm+ EPYC Milan CPUsRakers stance supports his Buy rating, and his $120 price target implies a 30% one-year upside to the stock.The Moderate Buy analyst consensus view on AMD reflects some residual Wall Street caution. The stocks 20 recent reviews include 13 Buys, 6 Holds, and 1 Sell. AMD shares are selling for $91.64, and like Micron, their recent appreciation has closed the gap with the $94.71 average price target. (See AMD stock analysis on TipRanks)Western Digital Corporation (WDC)Closing out the Wells Fargo picks on this list is Western Digital, a designer and manufacturer of memory systems. The companys products include hard disk drives, solid state drives, data center platforms, embedded flash drives, and portable storage including memory cards and USB thumb drives. WDC has had a tough year in 2020, with shares down 19% year-to-date. Still, the stock has seen gains in November and December, on the heels of what was seen as a strong fiscal 1Q21 report.That earnings report showed $3.9 billion in revenue, which was down 3% year-over-year, but the EPS net loss, at 19 cents, was a tremendous yoy improvement from the 93-cent net loss in the year-ago quarter. The earnings improvement, which beat the forecast by 20%, was key for investors, and the stock is up 30% since the quarterly report. The company also generated a solid cash flow in the quarter, with cash from operations growing 111% sequentially.Wells Fargos Rakers acknowledges WDCs difficulties in 2020, but even so, he believes that this is a stock which is worth the risk.Western Digital has been our toughest constructive call of 2020 and while we believe calling a bottom in NAND Flash (mid/2H2021?) remains difficult and WDs execution in enterprise SSDs will remain choppy, our SOTP analysis leaves us to continue to believe that shares present a compelling risk / reward. We continue to believe that Western Digital can drive to a ~$7/sh.+ mid-cycle EPS story; however, we continue to think a key driver of this fundamental upside will not only be a recovery in the NAND Flash business, coupled with WDs ability to see improved execution in enterprise SSDs, but also a continued view that WDs HDD gross margin can return to a sustainable 30%+ level, Rakers opined.To this end, Rakers rates WDC a Buy along with a $65 price target. Should the target be met, investors could pocket gains of 29% over the next months Where does the rest of the Street side on this computer-storage maker? It appears mostly bullish, as TipRanks analytics demonstrate WDC as a Buy. Out of 11 analysts tracked in the last 3 months, 7 are bullish, while 4 remain sidelined. With a return potential of 9%, the stocks consensus target price stands at $54.44. (See WDC stock analysis on TipRanks)To find good ideas for tech stocks trading at attractive valuations, visit TipRanks Best Stocks to Buy, a newly launched tool that unites all of TipRanks equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.

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Tesla Becoming New AOL, Cryptocurrency Resurgence And 8 Other Top Wells Fargo Predictions For 2021 - Yahoo Finance