AI Stock Market Roundup w/c 17th June

Each week I review the biggest movements within the AI stock market from last week and let you know what key market trends to look out for in the coming week, to keep you updated and ahead of the curve.

Main AI Stock Market Movers- Mid Week Update

Ticker: AAPL | Price: $209.49 | Market Cap: $3.21T | Weekly Gain: 0.94% ⬆️

After an impressive move to the upside last week, Apple made a 5.77% retracement from the all time high printed on June 12th. This is likely driven by traders securing profits after such a large move. The price drop may also be related to reports of a potential class action lawsuit against Apple, which could include 12,000 employees. The lawsuit claims that Apple "systematically" underpaid women compared to their male colleagues. As this case develops it could continue to negatively impact the stock price.

Ticker: NVDA | Price: $126.57 | Market Cap: $3.11T | Weekly Gain: 6.46% ⬆️

Nvidia continued its impressive rally last week crossing the $140 round number technical area. Once this area was breached the stock met resistance and reversed over 10% from the high of the week on early Thursday morning to the closing price on Friday. Reports of insiders dumping their stock have driven the narrative of the reversal but with stock up over 170% since the start of the year, some insider selling is expected. Nvidia bounced back from the $118 area where the stock split occurred just over two weeks ago. The demand was strong at this area with the stock rising 6.76% in Tuesdays session and another 2.22% in Wednesdays pre-market session.

Ticker: MSFT | Price: $450.95 | Market Cap: $3.35T | Weekly Gain: 0.21% ➡️

Microsoft reclaimed the crown as the most valuable company in the world this week, after both Apple and Nvidia had negative news drivers impact the price. This could be Microsoft's chance to pull away in this race as no negative news drivers are currently present to hold them back from continuing to grow.

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What To Watch This Week

Look out for GDP and unemployment numbers on Thursday at 8:30am EST.

Is the tech rally poised to continue? With a pullback in the major names, this week could see a sustained reversal or trend continuation.

Look out for more negative news drivers to break this week. Without positive investor sentiment it will be tough to find new buyers at these levels.

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