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Apple reportedly working on in-house chips, Disney reports earnings and more
Charla Hojnacki
May 07, 2024
Happy Tuesday Zingernation! Starbucks shares have gotten rocked the past few months, now trading down nearly 25% YTD. And no, itâs not because millennials are cutting back on coffee and avocado toast.
-Aaron Bry and Nic Chahine
Plus, there's one recent AI development you NEED to hear about...
And, crypto is so back. Billions of dollars are flowing into the new Bitcoin ETFs, driving prices to near all-time highs. Join thousands of engaged readers of Future Finance - our FREE digital assets newsletter.
MARKET SNAPSHOT
Yesterday: Stocks had a good day as treasury yields dipped on hopes that the Fed may be able to cut rates at some point this year after all. All major indices closed in the green with tech leading the way.
On Our Radar: Minneapolis Fed President Kashkari will speak at 11:30 AM ET and then weâll get consumer credit numbers at 3 PM ET.
Plus: Looking to learn more about options? Join options master Nic Chahine TOMORROW at 6:00 PM ET! Click here to claim your free ticket.
TOP STORY
In Short: In yesterdayâs earnings call, Palantir CEO Alex Karp made a bold assertion that the company has no competitors in the U.S. commercial and government sectors.
What Happened: Karp dismissed the notion of any competitors in the U.S. commercial and government markets during the companyâs first-quarter 2024 earnings call. He stated that potential rivals are merely trying to replicate Palantirâs unique capabilities but are not on the same level as Palantir.
Quoted: âI donât believe we have competitors. So, I donât believe in the U.S. commercial market we have competition. I donât believe in the U.S. government market we have competition,â Karp said.
Zooming In: Karp believes Palantirâs proprietary technologies give it an insurmountable competitive edge. He cited its ontology knowledge management system, Foundry data operating platform, and Apollo artificial intelligence platform.
PRESENTED BY TRADESMITH
There's been a lot of buzz surrounding AI over the past yearâŚ
Most of it is just hype and speculation.
Because it's going to have a very real impact on the lives of everyday Americans...
Billion-dollar fund manager Louis Navellier recently recorded an urgent message going over all the details.
FIVE ZINGERS
Sneak Peek: Hereâs what analysts are saying about Rivian ahead of the electric vehicle companyâs earnings report.
Grinding Lower: Cannabis stocks went through a grinder yesterday, retreating after last weekâs pop on the rescheduling announcement.
Early Bird Gets The Gains: Jim Cramer says to stop waiting â the market correction is over. Catch the full scoop here.
You Belong With Me: How much staying power does the âSwift bumpâ have? Hereâs why Taylor Swift could help boost Disneyâs earnings tomorrow.
Well, Well, Well: Some cryptos took a hit yesterday after Robinhood announced it was hit with a Wells notice regarding its crypto side of the business.
ONE FOR THE ROAD
Some Context: Apple is reportedly working on its own artificial intelligence chips for data centers, a move that could potentially disrupt the market. However, the projectâs future is still uncertain.
What Happened: The project, codenamed ACDC, is an extension of Appleâs existing in-house chip efforts for its devices, reported The Wall Street Journal, citing people familiar with the matter.
So: The tech giant has been working with its chip-making partner Taiwan Semiconductor Manufacturing to design and commence the production of these chips. However, thereâs uncertainty surrounding whether this collaboration has produced a concrete outcome.
Basically: However, Bloomberg columnist Mark Gurman cast doubt on the report, stating that a project initiated by Apple in 2018 was canceled. Gurman also cited cost, lack of differentiation, and the on-device nature of Appleâs LLM as reasons why he doesnât believe Cupertino would pursue its own AI server chips.
Click here to read more.
PRESENTED BY TRADESMITH
There's been a lot of buzz surrounding AI over the past yearâŚ
Most of it is just hype and speculation.
Because it's going to have a very real impact on the lives of everyday Americans...
Billion-dollar fund manager Louis Navellier recently recorded an urgent message going over all the details.