AI Stock Market Roundup w/c 2nd of December

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.

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Broader Market Update

The Nasdaq tech index took the headlines this week, out-performing the S&P 500 and breaking to fresh all-time highs. The market reacted positively to an unemployment report that showed the underlying strength of the economy on Friday. The report showed a 4.2% unemployment rate and coupled with stable inflation is a buy sign for investors, who are happy to continue buying at these elevated valuations.

Main AI Stock Market Movers

Ticker: AAPL | Price: $2 | Market Cap: $3.59T | Weekly Gain: 3.33% ⬆️

Apple had another impressive week of trading breaking to new all-time highs and continuing the strong momentum that has been seen since the last week of November. Apple will pay $490M to settle a shareholder lawsuit following a revenue drop attributed to weak iPhone sales in China. This marks their first revenue downgrade since the release of the first iPhone in 2007. Apple is preparing for the release of iOS 18.2 after a release candidate version that shows significant improvements driven by Apple Intelligence. The update for iPhones 15 Pro and onwards includes new features to improve creative and practical device use.

Ticker: NVDA | Price: $138.25 | Market Cap: $3.39T | Weekly Loss: 2.63% ⬇️

Nvidia recovered this week after a significant low was made on the 27th of November. Price bounced from the $130 area and has continued to rally to the upside, due to the positive earnings that highlighted the main headwinds being the demand for their AI chips exceeding the supply. In other news, the European Union's antitrust regulators are investigating Nvidia, probes into possible unfair sales practices, including determining whether the company is engaging in bundling. It was further reported that this probe could likely transform into an official investigation. As the sole provider of all generative AI and accelerated computing, Nvidia controls 84% of AI chips.

Ticker: MSFT | Price: $423.46 | Market Cap: $3.15T | Weekly Gain: 1.54 ⬆️

Microsoft made a strong breakout of the consolidation highlighted in last weeks analysis. The stock is on a 6 day winning streak which has seen price break and hold the highs made in September and October. OpenAI is weighing ditching a provision on artificial general intelligence that currently keeps Microsoft out of its most advanced models, the FT reports, citing sources. Removing the provision could unlock billions of dollars of future investments from Microsoft, which would be able to access OpenAI's artificial general intelligence, or AGI when the ChatGPT maker attains it. AGI is defined as a highly autonomous system that outperforms humans at most economically valuable work.

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What To Watch This Week

Look out for the release of the Consumer Price Index (CPI) numbers on Wednesday @ 8:30am EST

How will Bitcoin react after breaking the $100,000 level? Inflows have picked up from large funds such as Blackrock and it may continue its momentum into this week.

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