📈 AI stocks surge

Nvidia (NVDA) shares jump on upbeat forecast, Biden touts $1.2B in student loan relief, Apple releases free new sports app for iPhone, Boeing replaces head of troubled 737 Max program, and Bezos sells more shares bringing total to $8.5 Billion…

Author

Smart Owl
February 22, 2024

Good morning.

The Fast Five → Nvidia (NVDA) shares jump on upbeat forecast, Biden touts $1.2B in student loan relief, Apple releases free new sports app for iPhone, Boeing replaces head of troubled 737 Max program, and Bezos sells more shares bringing total to $8.5 Billion…

Your 5-minute briefing for Thursday, February 22:

BEFORE THE OPEN

As of market close 2/21/2024.

PRE-MARKET

MARKETS

  • US stocks closed mixed yesterday as investors awaited Nvidia's blockbuster earnings and reacted to Fed minutes suggesting caution about lowering rates too quickly

  • Japan’s Nikkei 225 climbed past its all-time closing high, 34 years after bubble burst

  • Chinese stocks closed at their highest level in seven weeks

EARNINGS

  • Nvidia shares rose ~9% after beating Q4 earnings and revenue estimates and forecasting better-than-expected Q1 sales, even against elevated expectations for growth (link)

  • Rivian shares plunged 15% after forecasting full-year EV production that widely missed estimates and announcing plans to cut 10% of its workforce (link)

  • What we're watching this week:

    • Today: Block, Moderna, Carvana, Intuit

    • Friday: Warner Bros. Discovery

  • Full calendar here

NEWS BRIEFING

Shares gain in late trading after results are released. Company remains biggest beneficiary of AI spending boom.

Apple announced a free new app for tracking sports scores on Wednesday, its latest effort to become a major provider of sports content and news.

  • Fed minutes show unease over premature cuts (link)

  • Fed officials to debate balance sheet reduction efforts at March FOMC (link)

  • Hedge funds ditch US stocks as Wall Street slides (link)

  • Biden touts $1.2B in student loan relief with eye to 2024 (link)

  • Boeing replaces head of troubled 737 Max program (link)

  • US urged banks to manage risks from fintech partnerships (link)

  • Investors plough record amounts into US farmland (link)

  • Bezos sells more shares, bringing total To $8.5B (link)

  • PE payouts at major firms plummet 49% in two years (link)

  • Disney leans on AI in latest class of startup investments (link)

  • Roblox game developers earned a record $741M last year (link)

  • Walmart eases supplier delivery demands as stocking pressures recede (link)

  • Two top Goldman bankers threaten to quit after exclusion from operating committee (link)

CRYPTO

  • Winklevoss twins donated ~$5M to a crypto super PAC (link)

  • Fort Worth-based crypto company Lejilex and lobbying group Crypto Freedom Alliance of Texas sued the SEC for 'overreach' on digital assets (link)

You Can Sponsor this Newsletter details here.​

BULLISH BITES

🏛 Breaking custom: Pursuing ‘American dynamism,’ Andreessen Horowitz ups its game in DC.

⚖️ Courtside: Trader fired over off-color joke challenges hedge fund secrecy.

❤️ Still in love: The people keeping old tech en vogue.

😔 Can we solve Loneliness? These startups are betting on it.

DAILY SHARES

Keep the curation going! Buy the team a coffee ☕️