AI Stock Market Roundup w/c 24th June
w/c 24th June Roundup, Plus What to Watch This Week
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
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Ticker: AAPL | Price: $210.62 | Market Cap: $3.23T | Weekly Gain: 1.08% ⬆️
Apple attempted to break the new all time highs of $220, printed on the 12th of June, but failed to show strength to break this level. This could be a minor technical correction in the larger uptrend that began at the end of April. The positive investor sentiment that was generated during Apple's event which they released plans to integrate ChatGPT with Siri, seems to have been priced in and investors are now waiting to see how Apple will generate tangible growth with the AI boom.
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Ticker: NVDA | Price: $123.77 | Market Cap: $3.04T | Weekly Gain: 0.39% ➡️
Nvidia had a mixed week of trading with a volatile session on Monday and Tuesday. Nvidia dropped 4.16% on Monday and rebounded in Tuesdays session finishing up 6.78%. The end of the week was uneventful with Nvidia closing unchanged on the week. This price action suggests that investors are indecisive and stock market psychology would suggest that after a 750% gain in 2 years a price correction is overdue. However, Nvidia is acquiring businesses in an attempt to sustain this growth and provide shareholder value. They acquired the incident automation company, Shoreline for $100M this week, according to Bloomberg reports.
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Ticker: MSFT | Price: $446.95 | Market Cap: $3.32T | Weekly Loss: 0.15% ➡️
Microsoft printed new all time highs this week on Thursday at $456.12, this was followed by large 1.89% drop on Friday. At these levels sellers are ready to step in an attempt to time the top of market, this is an aggressive and risky strategy. With record breaking company valuations, buyers will have to show show strength this week or price may look to correct further.
What To Watch This Week
Look out for FED Chair Powell speaking on Tuesday at 9:30am EST.
On first Friday of every month the Non-Farm Payroll numbers are released at 8:30am EST, this data point is one of the most volatile.
The big AI names have reached resistance and are consolidating at these levels. Be cautious and patient by waiting for more information.
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