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⚔️ Déjà v. Goliath
Meme stocks take on the short sellers once again. Plus, Google's new search feature.
Brooks Dyroff
May 14, 2024
Happy Tuesday Zingernation! Dave Portnoy has had a busy year. First, he got a dog. Then, he bought his business back from Penn for a bag of chips. Now, he’s back in the meme stock action, buying $GME and $AMC, and wishing he bought more.
–Aaron Bry and Nic Chahine
Today’s Price Action:
$SPY: +.56%
$QQQ: +.64%
$DIA: +.28%
Plus, check out the company that’s helping to power the EV boom through efficient lithium mining.
And, why haven’t you checked out the “MoneyLine” yet? Stop getting trade ideas from your buddies at the bar, and start following a pro.
TODAY’S MOST VOLATILE STOCKS
TODAY’S TOP STORY
Briefly: At its annual I/O developer conference, Google today made several announcements regarding its AI chatbot Gemini.
So Basically: A year after announcing Gemini, the tech giant revealed that over one and half million developers are using Gemini to build and debug code, get insights and build AI applications
So Then: Google announced the launch of AI Overviews, a revamped version of Search Generative Experiences, specifically designed for complex questions that may require multi-step reasoning.
So What? This can be used to perform several tasks such as creating diet plans, organizing trips and more. AI Overviews will also enable you to use videos to ask questions, be it for troubleshooting something or learning about something that is in front of you.
Click here to read more.
PRESENTED BY ATLAS LITHIUM
Atlas Lithium Corporation (NASDAQ: ATLX) announced that its advanced lithium processing plant utilizing dense media separation (DMS) technology has reached the final stage of fabrication. This groundbreaking modular design, a first in Brazil's lithium industry, streamlines the transportation, installation and commissioning processes.
According to Marc Fogassa, the CEO and chairperson of Atlas Lithium, the U.S. mineral exploration company is set to become the second producer of high-grade lithium concentrate in the Jequitinhonha Valley in Minas Gerais, which is abundant in minerals. Atlas Lithium aims to supply hard-rock spodumene at an exceptionally competitive price. With this update, the company is poised to commence lithium concentrate production as planned in Q4 2024.
FIVE MOVERS
Hertz shares moved higher in today’s session as the car rental name got a boost from the renewed interest in short-interest stocks.
Marathon Digital shares moved higher amid overall bullish sentiment in the crypto space.
Alibaba shares moved lower today after the Chinese e-commerce giant reported worse-than-expected earnings.
NVIDIA shares edged higher, closing up in what was a strong day for chip names.
Tilray shares moved higher today after the cannabis company announced a new private debt-for-equity deal to raise nearly $20 million.
ONE TRADE IDEA FOR TOMORROW
Briefly: Shares of GameStop rallied on Monday as retail traders rallied around the return to social media by Keith Gill, aka Roaring Kitty, a central character in the previous meme stock run of 2021.
What Happened: Investors betting against GameStop by shorting the stock are now being punished thanks to the rally.
Back Up: One of the key items that helped boost the share price of GameStop in 2021 was a short squeeze rally. High short interest sparked a rush of traders into the stock, setting up a David vs. Goliath showdown as retail traders took on hedge funds that were betting against the video game retailer.
What Now: With GameStop showing high short interest of over 24%, according to data from S3 Partners, it could be déjà vu.
PRESENTED BY ATLAS LITHIUM
Atlas Lithium Corporation (NASDAQ: ATLX) announced that its advanced lithium processing plant utilizing dense media separation (DMS) technology has reached the final stage of fabrication. This groundbreaking modular design, a first in Brazil's lithium industry, streamlines the transportation, installation and commissioning processes.
According to Marc Fogassa, the CEO and chairperson of Atlas Lithium, the U.S. mineral exploration company is set to become the second producer of high-grade lithium concentrate in the Jequitinhonha Valley in Minas Gerais, which is abundant in minerals. Atlas Lithium aims to supply hard-rock spodumene at an exceptionally competitive price. With this update, the company is poised to commence lithium concentrate production as planned in Q4 2024.