How The Global Computer Chip Shortage Happened

Apple Car News Keeps Coming – Here’s What’s Been Reported So Far

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1302717103-820x547.jpeg" alt="" class="wp-image-397873" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1302717103-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1302717103-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1302717103-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1302717103-1536x1024.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1302717103-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>SYDNEY, AUSTRALIA &#8211; FEBRUARY 18: In this photo illustration reports on Facebook&#8217;s news ban on Australian and International content on February 18, 2021 in Sydney, Australia. Facebook has banned publishers an users in Australia from posting it sharing news content as the Australian government prepares to pass laws that will require social media companies to pay news publishers for sharing using content on their platforms. (Photo by Brendon Thorne/Getty Images)</figcaption></figure>



Australia has passed a new law that will require digital platforms like&nbsp;<a href="https://www.cnbc.com/quotes/FB" target="_blank" rel="noreferrer noopener">Facebook</a>&nbsp;and&nbsp;<a href="https://www.cnbc.com/quotes/GOOGL" target="_blank" rel="noreferrer noopener">Google</a>&nbsp;to pay local media outlets and publishers to link their content on news feeds or in search results.



The move was widely expected and comes&nbsp;<a href="https://www.cnbc.com/2021/02/23/facebook-to-restore-news-pages-for-australian-users-in-coming-days.html">days after the government&nbsp;</a>introduced some last-minute amendments to the proposed bill, known officially as the News Media and Digital Platforms Mandatory Bargaining Code.



“The Code will ensure that news media businesses are fairly remunerated for the content they generate, helping to sustain public interest journalism in Australia,” Treasurer Josh Frydenberg and Communications Minister Paul Fletcher said in a joint statement.



They added that the government was “pleased to see progress by both Google and more recently Facebook in reaching commercial arrangements with Australian news media businesses.”



The law will be reviewed by the Treasury within one year of its commencement, the officials said.



<h2 class="wp-block-heading" id="h-what-did-facebook-and-google-do">What did Facebook and Google do?</h2>



Both Facebook and Google have fought against the law since last year.



Essentially, Australia will become the first country where a government-appointed arbitrator can decide on the final price that either platform will have to pay Australian news publishers, provided a commercial deal cannot be reached independently.



The decision will come by a ruling in favor of either party — the digital platform or the publisher — with no room for a middle-ground agreement, according to experts.



In this week’s amendments, the government said the parties involved will get a two-month mediation period to broker deals before they are made to enter arbitration as a last resort.



Facebook announced Monday it will&nbsp;<a href="https://about.fb.com/news/2021/02/changes-to-sharing-and-viewing-news-on-facebook-in-australia/" target="_blank" rel="noreferrer noopener">restore news pages in Australia</a>, reversing an earlier decision to block access to news content on in Australia in retaliation against the then proposed bill.



Facebook’s vice president for global news partnerships,&nbsp;<a href="https://www.facebook.com/journalismproject/news-australia-decision" target="_blank" rel="noreferrer noopener">Campbell Brown, said Tuesday</a>&nbsp;the Australian government clarified that the tech company will retain the ability to decide if news appears on its platform so that it won’t automatically be subject to a forced negotiation.



Google initially threatened to pull its search function from Australia. In recent weeks, however, it struck a number of prominent commercial agreements with Australian publishers, including the&nbsp;<a href="https://www.cnbc.com/2021/02/17/google-and-news-corp-strike-deal-as-australia-pushes-platforms-to-pay-for-news.html">Murdoch family-owned media conglomerate NewsCorp</a>.



<h2 class="wp-block-heading" id="h-claiming-victory">Claiming victory</h2>



Before the law passed Parliament, both Australia’s competition watchdog and Facebook described this week’s moves&nbsp;<a href="https://www.cnbc.com/2021/02/24/australia-claims-a-win-over-facebook-in-news-battle.html">as a victory</a>.



Former U.K. Deputy Prime Minister Nick Clegg, who is now the vice president for global affairs at the social network, explained Facebook’s decision to restrict and then restore news in Australia in a lengthy blog post.



The final tweaks made to the bill was a face-saving exercise for both sides, but mainly for Facebook, according to Johan Lidberg, an associate professor of journalism at Australia’s Monash University.



“Having said that: the final call to apply the code or not rests with Josh Frydenberg, the Treasurer, not (Facebook),” Lidberg told CNBC by email. He explained that while Facebook could decide to drop the News Feed from Australia again in the future, it would reflect badly on the company’s brand.



“The mandatory arbitration clause is still there. Had it been dropped, the code would have become a paper tiger,” Lidberg said, adding that neither Facebook nor Google would have come to the bargaining table in good faith without the code in the background.



“The main game now is to keep very close tabs on how the deals are being made with media companies,” he said. “If the deals stay with the major four and local and regional media outlets are ignored, Frydenberg has the option to invoke the code and mandatory arbitration. This is what governments should do when market forces are as skewed as they are in this case.



Microsoft President Brad Smith weighed in on Australia’s decision, calling the new law “a big step forward.” He said in a tweet that it would “ensure publishers and journalists get paid a fairer share for their work.”



Microsoft&nbsp;<a href="https://www.cnbc.com/2021/02/03/microsoft-backs-australia-after-google-threatened-to-withdraw-search-.html">publicly backed the media code</a>&nbsp;this month after Google initially threatened to pull its Search function from the country. The company’s Bing search engine holds just 3.6% of market share in Australia, a fraction of Google’s 94.5% share, according to web analytics firm StatCounter.



Australia’s new law could set a precedent for how other countries regulate Big Tech. Countries like France have&nbsp;<a href="https://www.cnbc.com/2021/01/21/google-agrees-to-pay-french-publishers-for-news.html">undertaken some measures to make the tech firms pay for news</a>, while others like Canada and the U.K. are considering their next steps.

Facebook Australia Restricts News Publishers And Users In Response To Proposed Media Bargaining Laws

Australia passes new media law that will require Google, Facebook to pay for news

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/01/GettyImages-1230837650-820x547.jpg" alt="" class="wp-image-396216" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/01/GettyImages-1230837650-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/01/GettyImages-1230837650-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/01/GettyImages-1230837650-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/01/GettyImages-1230837650-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/01/GettyImages-1230837650-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>A GameStop Corp. store in Rome, Italy, on Thursday, Jan. 28, 2021. GameStop Corp. had the biggest day yet of its dizzying rally, adding more than $10 billion in market value, as bullish day traders kept the upper hand over short sellers. Photographer: Alessia Pierdomenico/Bloomberg via Getty Images</figcaption></figure>



Shares of&nbsp;<a href="https://www.cnbc.com/quotes/GME" target="_blank" rel="noreferrer noopener">GameStop</a>&nbsp;surged more than 100% on Wednesday as investors poured into the brick-and-mortar retailer amid a C-suite shake-up.



Shares were halted with less than 30 minutes left in the trading day and the stock ended the day up 103.9%.<a href="https://www.cnbc.com/2021/02/24/gamestop-shares-soar-more-than-80percent-in-late-afternoon-trading.html#"></a>



<a href="https://www.cnbc.com/2021/02/24/gamestop-shares-soar-more-than-80percent-in-late-afternoon-trading.html#"></a>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="740" height="474" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/106845212-1614198477913-newplot_-_2021-02-24T152718739.png" alt="" class="wp-image-398243" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/106845212-1614198477913-newplot_-_2021-02-24T152718739.png 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/106845212-1614198477913-newplot_-_2021-02-24T152718739-300x192.png 300w" sizes="auto, (max-width: 740px) 100vw, 740px" /></figure>



GameStop announced Tuesday that its chief financial officer Jim Bell will resign on March 26.



“Mr. Bell’s resignation was not because of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices, including accounting principles and practices,” the company said in a filing with the Securities and Exchange Commission.



Sources familiar with the matter&nbsp;<a href="https://www.businessinsider.com/sources-gamestop-cfo-pushed-out-by-board-2021-2" target="_blank" rel="noreferrer noopener">told Business Insider</a>&nbsp;that Bell did not leave willingly, but was pushed out by&nbsp;Ryan Cohen, co-founder of&nbsp;<a href="https://www.cnbc.com/quotes/CHWY" target="_blank" rel="noreferrer noopener">Chewy</a>&nbsp;who made an investment in GameStop last year in an effort to help the company accelerate its push online.



<a href="https://www.bloomberg.com/news/articles/2021-02-23/gamestop-seeks-new-finance-chief-following-bell-s-resignation?sref=i3mD6rA5" target="_blank" rel="noreferrer noopener">Bloomberg News reported on Tuesday evening</a>&nbsp;that GameStop’s board pushed Bell out in order to execute its turnaround more quickly, according to sources familiar with the matter.



Cohen appointment to the GameStop board helped drive the heavily shorted stock upward in January, which resulted in the epic short squeeze in GameStop that provoked retail trading mania and eventually attention from Congress.



“We acknowledge that leadership changes often follow activist settlements and Mr. Bell’s exit was mutual, non-immediate, and suggests no disagreements with company/board,” Jefferies equity analyst Stephanie Wissink told clients. “We believe Mr. Bell deserves recognition for a series of actions that protected GME equity during the late stages of the last hardware cycle, when sales were down sharply.”



Jefferies added that GameStop will likely look for a CFO replacement with a tech, compared to retail, background, as GameStop focuses on e-commerce growth.

GameStop Corp. Stores As Stock Soars

GameStop shares soar more than 100% in late-afternoon trading

What’s Wrong With The Unemployment Rate?

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/104747396-Wood.jpg" alt="" class="wp-image-398133" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/104747396-Wood.jpg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/104747396-Wood-300x169.jpg 300w" sizes="auto, (max-width: 740px) 100vw, 740px" /></figure>



Some called it the “Cathie Wood sell-off.”&nbsp;&nbsp;



At the open Tuesday, the top names owned by Ark Investment Management were the biggest decliners in the market.&nbsp;



Shares of&nbsp;<a href="https://www.cnbc.com/quotes/PLTR" target="_blank" rel="noreferrer noopener">Palantir</a>,&nbsp;<a href="https://www.cnbc.com/quotes/TSLA" target="_blank" rel="noreferrer noopener">Tesla</a>,&nbsp;<a href="https://www.cnbc.com/quotes/ROKU" target="_blank" rel="noreferrer noopener">Roku</a>,&nbsp;<a href="https://www.cnbc.com/quotes/SQ" target="_blank" rel="noreferrer noopener">Square</a>,&nbsp;<a href="https://www.cnbc.com/quotes/PYPL" target="_blank" rel="noreferrer noopener">Paypal</a>,&nbsp;<a href="https://www.cnbc.com/quotes/TDOC" target="_blank" rel="noreferrer noopener">Teladoc</a>,&nbsp;<a href="https://www.cnbc.com/quotes/BIDU" target="_blank" rel="noreferrer noopener">Baidu</a>,&nbsp;<a href="https://www.cnbc.com/quotes/ZG" target="_blank" rel="noreferrer noopener">Zillow</a>,&nbsp;<a href="https://www.cnbc.com/quotes/SHOP-CA" target="_blank" rel="noreferrer noopener">Shopify</a>&nbsp;and&nbsp;<a href="https://www.cnbc.com/quotes/SPOT" target="_blank" rel="noreferrer noopener">Spotify</a>&nbsp;were all down big, in many cases by double-digits.&nbsp; All were major holdings in funds like her flagship&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=ARKK">Ark Innovation ETF (ARKK)</a>&nbsp;and&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=ARKW">Next Generation Internet ETF (ARKW)</a>.



Shortly after the open, her flagship Ark Innovation Fund was down 11%.&nbsp;By 10 a.m. ET, a half-hour after opening, it had already traded more than 8 million shares, a full day’s volume.&nbsp; By midday, it had traded 30 million shares.



And then, a half hour after opening, the selling let up. The fund closed down by 3.3% and was down about 10% for the week.



<a href="https://www.cnbc.com/2021/02/23/cathie-woods-funds-take-big-hits-as-tesla-and-the-tech-trade-show-signs-of-unwinding.html#"></a>



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/106844399-1614114540345-arkralies.png?v=1614114545&amp;w=678&amp;h=435" alt=""/></figure>



“It was like a mini-panic,” Alec Young from Tactical Alpha told me.&nbsp; “The market is getting concerned that the Fed is risking getting behind the curve on inflation.&nbsp; The market is pricing in more inflation, which means lower prices for tech stocks.”



The market stopped dropping as Federal Reserve Chair Jay Powell’s congressional testimony was released.&nbsp; Powell repeatedly emphasized he does not expect inflation to rise to troublesome levels:&nbsp; “Monetary policy is accommodative and needs to continue to be accommodative,” he said.



<h2 class="wp-block-heading">Too many people on the boat?</h2>



Still, the damage had already been done.&nbsp; Fear of higher rates may have been an initial catalyst, but now, as Peter Tchir from Academy Securities told me, “People are very aware they are long a lot of stocks at very high valuations.”



“The frothiness is now the catalyst, not rates,” he told me.&nbsp;As for the current mania with everything Cathie Wood and Ark Investments, Tchir on Tuesday penned a piece called “Noah’s Arkk?” for clients, telling me, “Too many people are on that boat.&nbsp; A lot of people, I think, have bet more than their risk appetite is comfortable with.”



Ark Innovation is off about 13% from its recent high.



“I don’t think this is over, I think this may be the start of an unwind.&nbsp; Everyone assumed these are super-safe companies.&nbsp; Her management style has been to double-down on her bets, and a lot of this is starting to feel a little evangelical.&nbsp; People now view those funds as can’t lose, and that’s where you get into trouble,” said Tchir.



<div class="wp-block-group"><div class="wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow">
<h5 class="wp-block-heading">ARKK’S TOP 10 HOLDINGS</h5>



<figure class="wp-block-table"><table><tbody><tr><th>TICKER&nbsp;</th><th>COMPANY&nbsp;</th><th>NAME&nbsp;</th><th>CHANGE&nbsp;</th><th>PRICE&nbsp;</th><th>%CHANGE&nbsp;</th></tr><tr><td><a href="https://www.cnbc.com/quotes/BIDU">BIDU</a></td><td>Baidu Inc</td><td>BIDU</td><td>-13.18</td><td>322.61</td><td>-3.9251</td></tr><tr><td><a href="https://www.cnbc.com/quotes/CRSP">CRSP</a></td><td>CRISPR Therapeutics AG</td><td>CRSP</td><td>-3.26</td><td>135.30</td><td>-2.3528</td></tr><tr><td><a href="https://www.cnbc.com/quotes/NVTA">NVTA</a></td><td>Invitae Corp</td><td>NVTA</td><td>-2.09</td><td>42.72</td><td>-4.6641</td></tr><tr><td><a href="https://www.cnbc.com/quotes/ROKU">ROKU</a></td><td>Roku Inc</td><td>ROKU</td><td>-21.41</td><td>415.87</td><td>-4.8962</td></tr><tr><td><a href="https://www.cnbc.com/quotes/SHOP">SHOP</a></td><td>Shopify Inc</td><td>SHOP</td><td>-81.0601</td><td>1300.24</td><td>-5.8684</td></tr><tr><td><a href="https://www.cnbc.com/quotes/SPOT">SPOT</a></td><td>Spotify Technology SA</td><td>SPOT</td><td>-13.60</td><td>336.31</td><td>-3.8867</td></tr><tr><td><a href="https://www.cnbc.com/quotes/SQ">SQ</a></td><td>Square Inc</td><td>SQ</td><td>-11.49</td><td>256.59</td><td>-4.286</td></tr><tr><td><a href="https://www.cnbc.com/quotes/TDOC">TDOC</a></td><td>Teladoc Health Inc</td><td>TDOC</td><td>-12.76</td><td>256.00</td><td>-4.7477</td></tr><tr><td><a href="https://www.cnbc.com/quotes/TSLA">TSLA</a></td><td>Tesla Inc</td><td>TSLA</td><td>-15.66</td><td>698.84</td><td>-2.1917</td></tr><tr><td><a href="https://www.cnbc.com/quotes/ZG">ZG</a></td><td>Zillow Group Inc</td><td>ZG</td><td>1.35</td><td>175.08</td><td>0.78</td></tr></tbody></table></figure>
</div></div>



Most of the ten top holdings in Ark Innovation were underperforming the Nasdaq on Tuesday, before they rebounded.



Wood did not respond to a request for comments on Tuesday’s trading, but in an interview on CNBC last week, she made it clear that on days or weeks when her favorite stocks were down notably, she was often a buyer: “We are considered a liquidity&nbsp; provider, which means when people are selling, we will be buying and when people are buying, and these are investors in retail and institutional, we are likely to be taking profits,” she said.



As for the worries about interest rates, she also made it clear that a sharp upturn would undoubtedly hurt her portfolio: “I do believe that if the rate were to take a sharp turn up that we would, we would see a valuation reset, and our portfolios would be prime candidates for that valuation reset.”

104747396-Wood

Cathie Wood’s funds take big morning hit before rebounding as the tech trade stumbles

Why Is Short Selling Legal?

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1302717103-820x547.jpeg" alt="" class="wp-image-397873" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1302717103-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1302717103-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1302717103-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1302717103-1536x1024.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1302717103-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>SYDNEY, AUSTRALIA &#8211; FEBRUARY 18: In this photo illustration reports on Facebook&#8217;s news ban on Australian and International content on February 18, 2021 in Sydney, Australia. Facebook has banned publishers an users in Australia from posting it sharing news content as the Australian government prepares to pass laws that will require social media companies to pay news publishers for sharing using content on their platforms. (Photo by Brendon Thorne/Getty Images)</figcaption></figure>



<a href="https://www.cnbc.com/quotes/FB" target="_blank" rel="noreferrer noopener">Facebook</a>&nbsp;has reached an agreement with the Australian government and will restore news pages in the country days after restricting them.



The decision follows negotiations between the tech giant and the Australian government, <a href="https://www.cnbcafrica.com/2021/australia-commits-to-content-law-despite-facebook-news-blackout/">which is set to pass a new media law </a>that will require digital platforms to pay for news.



“After further discussions, we are satisfied that the Australian government has agreed to a number of changes and guarantees that address our core concerns about allowing commercial deals that recognize the value our platform provides to publishers relative to the value we receive from them,”&nbsp;<a href="https://about.fb.com/news/2021/02/changes-to-sharing-and-viewing-news-on-facebook-in-australia/" target="_blank" rel="noreferrer noopener">Facebook said in an updated statement</a>.



Prime Minister Scott Morrison’s government has introduced last-minute changes to the proposed media bargaining code that is in Parliament and is expected to be voted into law soon.



Those changes include a two-month mediation period to allow digital platforms and publishers to broker deals before they are made to enter arbitration as a last resort.



The arbitration clause in the media bargaining code has been one of Facebook’s main points of objection.



It states that the arbitrator will rule either in favor of either party — the digital platform or the publisher — with no room for a middle-ground agreement, according to experts.



Under the amendments, the Australian government will take into account commercial agreements that digital platforms like Google and Facebook have already made with local news media businesses before deciding if the code applies to the tech giants.



The government will also give the digital platforms one month’s notice before reaching the final decision.



The amendments are expected to provide “further clarity” to digital platforms and news organizations on how the bargaining code will be implemented, the government said.



—&nbsp;CNBC’s Will Koulouris contributed to this report.



This is a breaking news. Please check back for updates.

Facebook to restore news pages for Australian users in coming days

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1231048263-820x547.jpeg" alt="" class="wp-image-397878" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1231048263-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1231048263-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1231048263-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1231048263-1536x1024.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1231048263-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Illustrative image of a commemorative bitcoin in front of the Tesla car logo.
Tesla, led by Elon Musk, confirmed that it purchased about $ 1.5 billion in bitcoin in January and expects to start accepting it as a payment in the future.
On Monday, February 8, 2021, in Dublin, Ireland. (Photo by Artur Widak/NurPhoto via Getty Images)</figcaption></figure>



<a href="https://www.cnbc.com/quotes/TSLA">Tesla</a>&nbsp;has made roughly $1 billion in paper profits from its investment into&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=BTC.BS=-USS">bitcoin</a>, according to Daniel Ives, analyst at Wedbush Securities.



The company is “on a trajectory to make more from its Bitcoin investments than profits from selling its EV (electric vehicle) cars in all of 2020,” Ives estimated in a note published Saturday.



Earlier this month, the U.S. electric carmaker disclosed in a Securities and Exchange Commission filing that it had&nbsp;<a href="https://www.cnbc.com/2021/02/08/tesla-buys-1point5-billion-in-bitcoin.html">bought $1.5 billion worth of bitcoin</a>&nbsp;for “more flexibility to further diversify and maximize returns on our cash.”



The purchase was made some time in January, the company said without disclosing when or at what price it bought bitcoin for. It’s unclear if Tesla has sold any of the bitcoin yet.



Bitcoin has seen a huge rally this year, touching fresh record highs regularly.&nbsp;<a href="https://www.cnbc.com/2021/02/19/bitcoin-hits-1-trillion-in-market-value-as-cryptocurrency-surge-continues.html">Bitcoin’s market value topped $1 trillion for the first time</a>&nbsp;last week, and the cryptocurrency is up 94% year-to-date.



Ives did not explain how he got to that calculation. But according to CoinDesk data, bitcoin’s price has gone from an intraday high of $34,793.45 on Jan. 31 to an intraday high of $57,487.03 on Feb. 20, the day Ives published his note.



That’s a rise of about 65%, which would put the profit on Tesla’s $1.5 billion bitcoin investment at around $975 million. Based on Monday’s intraday high of $58,332.36, that profit would be over $1 billion.



“While the Bitcoin investment is a side show for Tesla, it’s clearly been a good initial investment and a trend we expect could have a ripple impact for other public companies over the next 12 to 18 months,” Ives said.



Tesla CEO&nbsp;<a href="https://www.cnbc.com/elon-musk/">Elon Musk</a>&nbsp;is a proponent of digital currencies. He recently said bitcoin is “is simply a less dumb form of liquidity than cash.”



But he also tweeted on Saturday that the price of&nbsp;<a href="https://www.cnbc.com/2021/02/20/elon-musk-says-bitcoin-seems-high-after-surpassing-1-trillion-market-cap.html">bitcoin and another digital currency ethereum do “seem high.”</a>

Tesla Buys USD 1.5 Billion In Bitcoin

Tesla has made about $1 billion in profit on its bitcoin investment, analyst estimates

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1203445163-820x547.jpeg" alt="" class="wp-image-397795" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1203445163-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1203445163-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1203445163-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1203445163-1536x1024.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1203445163-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Tito Mboweni, South Africa&#8217;s finance minister, speaks during a news conference before he presents his budget to parliament in Cape Town, South Africa, on Wednesday, Feb. 26, 2020. |Dwayne Senior/Bloomberg via Getty Images</figcaption></figure>



South African Finance Minister Tito Mboweni will deliver the country’s 2021 budget on Thursday, with the country facing <a href="https://www.cnbcafrica.com/2020/south-africa-imf-bailout-hopes-falter-as-zuma-loyalists-resist/">ever-increasing fiscal pressures</a> in the wake of the coronavirus pandemic.



South Africa’s economy enjoyed a strong final quarter of 2020 based on hard activity data thus far, and the IMF expects a modest rebound of 3% in real GDP in 2021 following last year’s 8% contraction.



However, the pace of recovery has been hampered by renewed lockdown measures which have seen the country seemingly quash a second wave of Covid-19 cases.



South Africa was blighted by a new, highly transmissible strain of the virus towards the end of 2020, and recently delayed its rollout of the AstraZeneca-University of Oxford vaccine amid concerns that it exhibits limited effectiveness against that particular strain, known formally as the B.1.351 mutation.



As of Wednesday, the country’s seven-day average of daily new infections sat at just above 2,000, having topped 19,000 in mid-January, according to data compiled by Johns Hopkins University.



Figures from Stats SA on Wednesday showed retail sales contracted by 0.8% year-on-year in December, a much smaller decline than expected, following a 4% drop in November. Industrial output unexpectedly rose by 1.8% annually after a 4.1% drop in November. Mining and manufacturing both climbed year-on-year for the first time since the onset of the pandemic.



Virag Forizs, emerging markets economist at Capital Economics, said the figures indicate that the South African economy likely avoided a double-dip recession to expand by between 1% and 1.5% quarter-on-quarter.



<h2 class="wp-block-heading">‘Harsh fiscal austerity’</h2>



However, she suggested that the containment measures imposed to combat the second wave of the pandemic would weigh on activity for the first quarter of 2021, along with continued power cuts due to long-standing challenges at&nbsp;<a href="https://www.cnbc.com/2019/10/10/south-africas-economy-struggles-as-world-bank-downgrades-forecast.html">debt-laden state-owned utility Eskom.</a>



“Looking ahead, we think that the recovery will remain sluggish. The government’s vaccination campaign is facing serious hurdles, electricity problems will probably not subside any time soon and harsh fiscal austerity will keep demand subdued,” Forizs said in a note Wednesday, projecting that GDP is likely to remain around 2% below its pre-virus path by 2022.



Although the country appears to be through the second wave and the government has begun to ease restrictions since the beginning of February, public finances and the measures taken to rein them in will continue to be a key focus of Thursday’s budget.



Ratings agency Moody’s has South Africa on a negative outlook and has signaled that it is “more likely” to see a further sovereign credit rating downgrade this year,&nbsp;<a href="https://www.cnbc.com/2020/03/31/south-africa-looks-to-structural-reform-last-investment-grade-credit-rating-falls.html">following two downgrades in 2020</a>.



It also forecast that the country’s debt-to-GDP ratio will hit 100.7% during the 2021/22 fiscal year, claiming the country’s credit profile is “constrained by strong, widespread fiscal pressures, including rising borrowing costs and persistently low growth.”



Government revenues came in much higher than expected in December, rising by 10% year-on-year to 176.4 billion South African rand ($12.1 billion), but cumulative fiscal revenues for the first three quarters had fallen by 10.1% year-on-year.



Higher commodity prices and a general rise in global risk-on sentiment have boosted interest in South African assets, with local authorities hoping the incline in commodity prices may help in cutting some of the budget shortfalls, according to Pieter du Preez, senior economist at NKC African Economics.



<h2 class="wp-block-heading">‘Most important’ budget yet</h2>



Considering the already&nbsp;<a href="https://www.cnbc.com/2020/06/24/south-africa-budget-deficit-debt-seen-widening-as-virus-hits-economy.html">brittle state of the economy prior</a>&nbsp;to the pandemic and events since, du Preez suggested that Mboweni’s budget on Thursday will be “the most important one yet.”



“Fiscal stimulus measures to support the economy amid the Covid-19 pandemic, together with the loss in government revenue, have exacerbated the problems for the Treasury,” du Preez said in a note last week.



He added that speculation has arisen over the past month that the cash-strapped government is weighing up numerous tax measures to plug the hole in its 2021/22 budget.



“One of the crucial expenditures for the coming fiscal year will be the R24bn vaccine rollout programme announced by government to inoculate two-thirds of the population – a figure which is needed to achieve herd immunity – by year-end,” du Preez said.



“Bearing in mind the latest positive data, we would not expect the Treasury to increase the tax burden on consumers and corporates given the current climate and the already high tax-burden South Africans face compared to other emerging market countries.”

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1231063275-820x615.jpeg" alt="" class="wp-image-397323" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1231063275-820x615.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1231063275-300x225.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1231063275-768x576.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1231063275-1536x1152.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1231063275-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>UKRAINE &#8211; 2021/02/09: In this photo illustration, BTCUSD / Bitcoin USD price information seen displayed on a smartphone with a Bitcoin logo in the background. (Photo Illustration by Igor Golovniov/SOPA Images/LightRocket via Getty Images)</figcaption></figure>



GUANGZHOU, China —&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=BTC.BS=-USS">Bitcoin</a>&nbsp;could rise to $1 million over the long term to become a reserve currency for the world, according to one asset manager.



But JPMorgan warned of risks ahead as the cryptocurrency continues to rally.



Anthony Pompliano, co-founder and partner at Morgan Creek Digital Assets, said bitcoin could hit $500,000 by the end of the decade. It could eventually reach $1 million per coin, he added, without giving a timeline.



“I think that bitcoin will eventually rise to become the global reserve currency. I think bitcoin will eventually be much much larger than the gold market cap,” he said during the latest episode of CNBC’s <a href="https://www.cnbc.com/beyondthevalley/">“Beyond the Valley”</a> podcast.



<iframe src="https://art19.com/shows/beyond-the-valley/episodes/a103ed23-8cc4-4ad7-bed1-c023ab7f24d4/embed" style="width: 100%; height: 200px; border: 0 none;" scrolling="no"></iframe>



Bitcoin has surged over the last few months and&nbsp;<a href="https://www.cnbc.com/2021/02/16/bitcoin-btc-price-hits-50000-for-the-first-time.html">surpassed $50,000 for the first time this week</a>.



<h2 class="wp-block-heading">Why is bitcoin rallying?</h2>



A number of factors are behind the rush into bitcoin.



There has been large <a href="https://www.cnbc.com/2021/01/04/bitcoin-btc-rally-partly-driven-by-more-institutional-investors-pwc-says.html">participation from institutional and retail investors</a>. Major companies are also getting more involved with the cryptocurrency. <a href="https://www.cnbc.com/quotes/SQ">Square</a> <a href="https://www.cnbc.com/2020/10/08/square-buys-50-million-in-bitcoin-says-cryptocurrency-aligns-with-companys-purpose.html">bought some bitcoin last year</a> and <a href="https://www.cnbc.com/elon-musk/">Elon Musk</a>’s electric carmaker <a href="https://www.cnbc.com/quotes/TSLA">Tesla</a> purchased around <a href="https://www.cnbc.com/2021/02/08/tesla-buys-1point5-billion-in-bitcoin.html">$1.5 billion in bitcoin, according to a filing this month</a>. Musk and Square founder <a href="https://www.cnbc.com/jack-dorsey/">Jack Dorsey</a> are both supporters of bitcoin.



<figure class="wp-block-image size-large"><a href="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/coindesk-BTC-chart-2021-02-18.png"><img loading="lazy" decoding="async" width="820" height="680" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/coindesk-BTC-chart-2021-02-18-820x680.png" alt="" class="wp-image-397684" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/coindesk-BTC-chart-2021-02-18-820x680.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/coindesk-BTC-chart-2021-02-18-300x249.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/coindesk-BTC-chart-2021-02-18-768x637.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/coindesk-BTC-chart-2021-02-18.png 905w" sizes="auto, (max-width: 820px) 100vw, 820px" /></a><figcaption>Bitcoin price over the last three months &#8211; Coindesk</figcaption></figure>



Meanwhile, global central banks have been easing monetary policy — such as lowering interest rates and buying assets through the so-called quantitative easing program —to help cushion the blow to economies hit by the&nbsp;<a href="https://www.cnbc.com/coronavirus-business-impact-response/">coronavirus pandemic</a>.



“There were trillions of dollars that were printed and injected into the economy and everyone from individuals to financial institutions and corporations ran around the world looking for the best way to protect their purchasing power, they ultimately decided it was bitcoin,” Pompliano said as he discussed what was behind bitcoin’s surge.



<figure class="wp-block-pullquote"><blockquote class="has-text-color has-vivid-cyan-blue-color">(Bitcoin) will eventually take that seat at the kingdom of being that global reserve currency of the internet generation.<cite>Anthony Pompliano MORGAN CREEK DIGITAL ASSETS</cite></blockquote></figure>



The bitcoin bull’s prediction that bitcoin could hit $1 million is based on a few factors including the scarcity of the cryptocurrency which has a cap of 21 million coins, as well as the decentralized nature of the technology.



There is no central authority like a central bank that controls bitcoin.



Instead, the&nbsp;<a href="https://www.cnbc.com/2018/06/18/blockchain-what-is-it-and-how-does-it-work.html">so-called bitcoin network is made up of miners who process transactions</a>. These miners operate a vast array of specialized computers required to carry out the bitcoin mining process.



As there are many different miners, no single entity can control the network. And because the computers they use are often very powerful machines, bitcoin proponents claim the network is one of the strongest computer networks in the world.



“As more and more people come into the market, there is more liquidity. As there is more liquidity, there is more utility. As there’s more utility, there’s more stability in the price … you get kind of this evolution,” Pompliano said.



“If you think about that internet economy, there is no native currency … (bitcoin) will eventually take that seat at the kingdom of being that global reserve currency of the internet generation.”



<h2 class="wp-block-heading">JPMorgan’s long-term price target for bitcoin</h2>



In January, JPMorgan released a note to clients putting a “theoretical” long term price target on bitcoin of $146,000 as bitcoin begins to compete with gold.



Gold is broadly accepted as a “safe haven” asset where investors flock to in times of political strife or financial market turmoil. Bitcoin is now beginning to develop such a reputation.



“Bitcoin is competing with traditional gold, bitcoin is a form of digital gold,” Nikolaos Panigirtzoglou, global markets strategist at JPMorgan, told CNBC’s “Beyond the Valley.”



He said that the value of gold held by the private sector, solely for the purpose of investment, is around $2.7 trillion. For bitcoin’s market cap to reach that, it would need to hit a price of around $146,000.



But there are caveats, the biggest one being the volatility in bitcoin’s price. The digital coin is known for wild swings in price. Panigirtzoglou said bitcoin is “five times more volatility than gold.”



The key to bitcoin’s volatility converging with gold is institutional adoption, the JPMorgan strategist said.



“The faster the pace of institutional adoption, the quicker that convergence in volatility will take place,” he said.



Still, there are risks ahead for the current rally. While it has been driven by institutional investors, retail participation has also been high.



“The biggest risk is that the flow impulse we’ve seen over the past months slows materially from here,” Panigirtzoglou said.



“In particular when the economies reopen, people go back to the office, they have less time to trade at home, and as a result some of that, retail … flow impulse slows from here,” he added.

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/106841346-1613561356311-GettyImages-1051776834.jpg" alt="Chinese President Xi Jinping, third from left, meets with Angolan president Joao Lourenco, third from right, at the Great Hall of the People in Beijing, China on Tuesday October 9, 2018 Daisuke Suzuki/Getty Images" class="wp-image-397631" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/106841346-1613561356311-GettyImages-1051776834.jpg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/106841346-1613561356311-GettyImages-1051776834-300x169.jpg 300w" sizes="auto, (max-width: 740px) 100vw, 740px" /><figcaption>Chinese President Xi Jinping, third from left, meets with Angolan president Joao Lourenco, third from right, at the Great Hall of the People in Beijing, China on Tuesday October 9, 2018
Daisuke Suzuki/Getty Images
</figcaption></figure>



After Zambia became the first coronavirus-era debt default on the African continent, analysts are questioning whether nations heavily dependent on Chinese loan financing would be susceptible to debt distress.



The Covid-19 pandemic has posed difficulties for a host of sub-Saharan African countries that have borrowed substantially from China in recent years to fund major infrastructure projects, compounding pressures from a slowdown in the continent’s economic growth and falling commodity prices.



<a href="https://www.cnbc.com/2020/11/23/zambia-becomes-africas-first-coronavirus-era-default-what-happens-now.html">Zambia became the first country on the continent to formally default</a>&nbsp;on its debt in November 2020, opting out of a $42.5 million eurobond repayment.



As Africa’s second-largest copper producer, falling copper prices in recent years rendered its $11 billion debt pile increasingly difficult to manage, but concerns also emerged from eurobond investors regarding the transparency of its Chinese loan payments.



<h3 class="wp-block-heading">What we learned from Zambia</h3>



“The popularity of Chinese creditors has created a more diverse creditor base than the historical primarily Paris Club bilateral lenders, which complicates the resolution of repayment conflicts,” Verisk Maplecroft Research Associate Aleix Montana said in a recent report.



Montana said the Zambia case indicates that beyond just the size of debt, the composition of creditors also plays a role in determining debt risk. Transparency concerns mean Western bondholders are more likely to reject potential debt relief packages in countries borrowing from China, due to fears that debt relief will be used to repay Chinese loans.



Resource-backed loans are often attractive to nations with rich natural resources, a need to finance infrastructure projects and limited access to capital markets. In some of China’s financing arrangements, commodities are used as a means of repayment or collateral, Montana highlighted. Loans are often predicated on future production of resources like cocoa, tobacco, oil or copper.



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/106761029-1603698640037-GettyImages-1228100704_1.jpg?v=1603698753&amp;w=678&amp;h=381" alt="A man wearing a face mask selects clothes at a market in Lusaka, capital of Zambia, on Aug. 18, 2020. Zambia's confirmed COVID-19 cases have continued rising, with the total number close to the 10,000 mark."/><figcaption>A man wearing a face mask selects clothes at a market in Lusaka, capital of Zambia, on Aug. 18, 2020. Zambia’s confirmed COVID-19 cases have continued rising, with the total number close to the 10,000 mark.Xinhua/Martin Mbangweta via Getty Images</figcaption></figure>







“Repayment deals based on the future value rather than on the quantity of a commodity are especially risky for the borrower, since a decrease in commodity prices in the global market would require an artificial increase in its production to cover the debt obligations,” Montana said.



Zambia has now applied for debt treatment under the G-20 (Group of Twenty) common framework, which aims to offer poorer nations a transparent level playing field through which to restructure or reduce unsustainable debt obligations.



“Zambia is committed to transparency and equal treatment of all creditors in the restructuring process, and our application to benefit from the G20 Common Framework will hopefully reassure all creditors of our commitment to such treatment,” Finance Minister Bwalya Ng’andu said in a recent statement.



<h3 class="wp-block-heading">Oil producers and ‘resource-backed’ loans</h3>



Montana expressed concern about high debt levels in oil exporting countries such as Angola and the Republic of Congo, both of which saw their national currencies devalued in recent years by the broad decline in oil prices.



This makes foreign currency-denominated repayments relatively more expensive, while the use of reserve-based lending also exacerbates the countries’ risk of debt distress, Montana suggested.



The UN Economic Commission for Africa (UNECA) has also highlighted both Angola and the Republic of Congo as being particularly at risk.



“Apart from being two of the countries with the highest risk in public debt and economic growth in our indices, they are two of the countries that have borrowed more heavily from China,” Montana said.



The combination of the external economic downturn, persistent high debt levels and substantial proportion of resource-backed loans render Angola uniquely vulnerable, he contended.



“The case of Angola is particularly concerning, since it is estimated that around 75% of the total Chinese debt is funded this way, often secured by oil exports,” he said.



“Angola is the country with the highest amount of Chinese loans, spread across 100 projects to finance oil and power state-owned enterprises.”



Montana suggested that companies and investors in Angola can expect credit ratings to further deteriorate, suggesting a sufficient oil price recovery may not come soon enough for the country to meet its debt restructuring obligations in 2021.



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/106841351-1613561648948-GettyImages-1068696374.jpg?v=1613561790&amp;w=678&amp;h=381" alt="LUANDA, Angola - After the end of Angola's bloody civil war in 2002, the country enjoyed a decade of rapid growth fuelled by its booming oil sector. But in 2014, a global slump in the price of crude, which accounts for 70 percent of government revenues, and the failure of the authorities to diversify the economy, plunged Angola into a serious financial crisis."/><figcaption>LUANDA, Angola &#8211; After the end of Angola’s bloody civil war in 2002, the country enjoyed a decade of rapid growth fuelled by its booming oil sector. But in 2014, a global slump in the price of crude, which accounts for 70 percent of government revenues, and the failure of the authorities to diversify the economy, plunged Angola into a serious financial crisis.RODGER BOSCH/AFP via Getty Images</figcaption></figure>







Other highly-indebted countries such as Ghana and Mauritania are less exposed to Chinese debt, Montana pointed out, while Ethiopia, Cameroon, Kenya and Uganda have borrowed more heavily from China but are at a lower risk of default.



However, Pangea-Risk CEO Robert Besseling told CNBC that some of the steps taken by Angola since the onset of the pandemic should ease concerns about debt distress.



Angola has joined the G-20 DSSI (Debt Service Suspension Initiative), granting a temporary suspension of repayments to bilateral creditors in the wake of the pandemic. It has also restructured a sizable amount of Chinese debt and remains “in the IMF’s good books, at least for now,” Besseling said.



Angolan Finance Minister Vera Daves de Sousa told a Reuters conference in January that Africa’s second-largest oil producer will look to take advantage of the “three years of breathing space” granted by the debt relief program from its $20 billion-plus in Chinese loan obligations. CNBC has contacted the government of Angola for comment.



“I would rate Angola as being exposed to a long-term threat of economic decline due to an over-reliance on its faltering oil sector, but at mitigated risk of sovereign default in the medium term due to the government’s debt relief and loan restructuring, alongside continued multilateral support.”

Chinese President Xi Jinping, third from left, meets with Angolan president Joao Lourenco, third from right, at the Great Hall of the People in Beijing, China on Tuesday October 9, 2018 Daisuke Suzuki/Getty Images

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