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⚽ The AI Industry's "Messi"
Sure NVIDIA and ARD are well positioned, but this tech-company might be the "Messi" of the field.
Brooks Dyroff
February 13, 2024
Happy Tuesday Zingers! Well, t'wasn't a great day for ye olde markets. Wall Street did not like the hotter-than-anticipated inflation print for January. Treasury yields spiked on the news and now The Street is trying to calculate how many rate cuts J Powell & Co. will make in 2024.
Essentially, every major asset except the U.S. dollar saw declines on Tuesday. Volatility spiked once again, with the CBOE Volatility Index, or VIX rising by 8%. Small-cap stocks were hit hardest, with the iShares Russell 2000 ETF dropping over 4%.
Just a classic case of Tuesday the 13th activity on Wall Street. Or something like that. Let's dive in.
Today’s Price Action:
$SPY: -1.38%
$QQQ: -1.56%
$DIA: -1.36%
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TODAY’S MOST VOLATILE STOCKS
ONE TOP MOVER
Briefly: Shares of Children's Place (PLCE) tanked on Tuesday. As of market close, the stock tumbled over 30%.
Why? The retailer likely needs $50 million to $75 million in funding to run the business with the “proper inventory and resource levels,” according to B Riley Securities analyst Jeff Lick.
The Downgrade: Lick downgraded the rating for Children's Place from Neutral to Sell, while lowering the price target from $19 to $4. Any new funding that flows into the company is likely to be “extremely dilutive to the current equity,” Lick said in the downgrade note.
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FIVE MOVERS
Shopify’s stock plunged after it reported its quarterly results Tuesday. Light guidance was largely to blame for the sell-off.
IPG Photonics Corporation shares fell sharply during Tuesday’s session after the company reported mixed fourth-quarter financial results and issued soft first-quarter guidance.
Datadog’s stock price dropped after it reported its quarterly results on Tuesday. A cautious 2024 outlook was the negative catalyst.
AutoNation shares fell on Tuesday. Fourth quarter gross profit totaled $1.2 billion, down 5% from $1.3 billion a year ago.
Marriott International shares sank on Tuesday. The company reported revenue of $6.095 billion, missing the consensus of $6.20 billion.
ONE TRADE IDEA FOR TOMORROW
What’s Happening: The tech industry is witnessing a transformation as significant as the advent of the Internet in the 1990s, with artificial intelligence (AI) at the forefront of this seismic shift, according to Wedbush.
Analysts at the company have drawn a striking analogy to describe the impact of AI, likening a standout company in the AI arena to football legend Lionel Messi, while still labeling NVIDIA Corp.‘s Jensen Huang as the pioneering ‘Godfather of AI.’
While Nvidia, under Jensen Huang‘s stewardship, initially stood unchallenged in the AI chip domain – with Advanced Micro Devices Inc. gearing up to enter the scene – the narrative is rapidly expanding beyond these two giants.
“It’s all about the 2nd, 3rd, and 4th derivative of this AI Revolution,” Wedbush wrote.
The focus is shifting from hardware to the applications and use cases of AI, where Palantir Technologies Inc. emerges as the industry’s “Messi.”
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