Chapter 1: What is the main topic discussed in this episode?
Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning. Good morning. Today is Wednesday, December 10th, and I'm your host, Kim Kahn, filling in for Julie Morgan. Bitcoin has wiped out its 2025 gains, and one of Wall Street's biggest bulls is cutting forecasts across the board.
Standard Charter's Jeff Kendrick now sees Bitcoin at $100,000 at the end of this year, down from $200,000, $150,000 at the end of 2026, down from $300,000, and $225,000 in 2027, down from $400,000. The bank also pushed out its long-term target of $500,000 to 2030, two years later than previously expected.
Recent price action has been challenging, to say the least, said Kendrick, who heads digital assets research for the bank. Kendrick said Bitcoin's run since 2024 was powered by ETF inflows and digital asset treasury companies buying aggressively, but many of those DATs now trade below the value of the crypto they hold, making further accumulation harder to justify.
He expects consolidation rather than capitulation, but also says debt buying is largely done. On the other side of the ledger, Bernstein said Bitcoin is now in an elongated bull cycle, with stickier institutional demand helping to absorb retail selling pressure. Despite a 30% correction, ETFs have seen outflows of less than 5%.
Bernstein now targets 150,000 for 2026, with a potential cycle peak of 200,000 in 2027. Its long-term 2033 target of roughly $1 million remains intact. How about LoJack for your GPU? Nvidia has developed a location verification feature that can indicate which country its chips are operating in, a move designed to stop high-end AI GPUs from being smuggled into restricted markets.
Reuters reports that NVIDIA has privately demoed the technology, though it hasn't been released yet.
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Chapter 2: What recent changes did Standard Chartered make to Bitcoin price forecasts?
The tool would be an optional software agent customers can install, tapping into the confidential computing capabilities already built into NVIDIA's GPUs. Originally created so data center operators could track performance and manage large fleets of processors, the system uses communication latency with NVIDIA-run servers to estimate where a chip is physically located.
similar to how other internet-based geolocation services work. NVIDIA said in a statement, "...we're implementing a new software service that empowers data center operators to monitor the health and inventory of their entire AI GPU fleet, leveraging GPU telemetry to monitor fleet health, integrity, and inventory." And silver's bull run isn't losing its shine.
The metal has more than doubled in 2025, smashing through $60 per ounce to set a new all-time high. Saxo Bank calls the surge a rare alignment of monetary, structural, and physical market forces.
Strategist Ole Hansen says silver's rally has outpaced what gold alone could justify, thanks to tight supply, price inelastic industrial demand, and policy-driven distortions, all amplified after silver was added to the U.S. critical minerals list. On the ground, miners are struggling to keep up with demand tied to electrification, solar, EVs, and the data center boom.
But the bullish story isn't bulletproof. Hansen warns that any sharp slowdown in AI-related capex, say from a correction in stretched valuations, could hit chip and data center demand and weigh on broader risk sentiment. Relative value is another caution flag. The gold-silver ratio is now around 68, roughly its 30-year average.
After this year's melt-up, silver is no longer the bargain it was when the ratio topped 105 in April. Technically, the key zone is $54 to $55. A clean consolidation above the range could set the stage for higher levels in 2026, especially if Saxo's supportive view on gold, heading towards $5,000, starts to echo across the metals complex. Now here's what's trending on Seeking Alpha. The U.S.
Navy enlists Palantir to help it build nuclear submarines faster, JPMorgan Chase's consumer banking head warns of a little more fragile economy, and Elon Musk says he would not do Doge again. In today's Catalyst Watch, Electronic Arts shareholders revote on the $55 billion acquisition offer from Saudi Arabia's public investment fund. The deal is the largest leveraged buyout in history.
In pre-market trading, stock index futures and treasury yields are little changed as Wall Street gears up for the last Fed decision of the year. Swaps are pricing in a near certainty that the FOMC cuts by 25 basis points, but there could be the highest number of descending votes in six years. A split Fed could make for an interesting dot plot, which is also due.
And as always, the real market mover will be J-PAL's press conference, where traders will try to decipher whether this is a hawkish cut or a dovish one. There'll be a special post-fed Wall Street Lunch podcast today digging into the decision and the market reaction, so be sure to look for that shortly after the closing bell. The UFONC decision comes out at 2 p.m.
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