AI Stock Market Roundup w/c August 26th
w/c August 26th 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: $229.00 | Market Cap: $3.48T | Weekly Gain: 1.00% ⬆️
Apple continued to perform consistently, finishing green for the third consecutive week. Apple are rumoured to be interested in backing OpenAI in the next funding round. The stake is estimated to be $100M and will value OpenAI around $100B. This is after ChatGPT announced that it has grown the platform to an impressive 200M weekly active users. This pushed price to the $232-233 level highlighted during Wednesday’s market update, before meeting resistance and closing the week just below that area.
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Ticker: NVDA | Price: $119.37 | Market Cap: $2.93T | Weekly Loss: 7.60% ⬇️
Nvidia had a volatile week of trading with Q2 earnings being released on Wednesday after market close. The numbers were impressive, reporting a surprise earnings revenue beat of 4.53%. This was driven by an increased demand for the data centre arm of the business. Despite the revenue beat and positive forward guidance the stock proceeded to selloff aggressively, dropping $200M of value. Due to the strength shown by Nvidia this year, a pullback is expected with buyers waiting for an opportunity to add to their long term positions.
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Ticker: MSFT | Price: $417.14 | Market Cap: $3.10T | Weekly Change: 0% ➡️
Microsoft had a neutral week with price dropping to start the week and then buyers stepping in on Thursday and Friday. The $408 area provided support, as price quickly tested this zone on Thursday before reversing higher. Microsoft is being proactive by hosting a conference in September with cyber security experts as they look to mitigate the risks for clients and shareholders.
What To Watch This Week
Look out for Unemployment Claims being released on Thursday @ 1:30pm EST
Look out for Non-farm Payroll releasing on Friday @ 8:30am EST
Watch for how the market reacts this week to Nvidia losing 7% after reporting positive Q2 earnings
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