Happy Good Friday Zingernation! Reminder that the market is closed today, but that doesn’t mean there’s nothing going on. PCE came out at 8:30am ET and came in slightly lighter than expected, in a sign that inflation is cooling down. Hey, I guess it is a Good Friday after all!

Also, want alerts and crucial information about the options market straight from the source? Check out this offering from CBOE.

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: Was a relatively flat day overall, but a late sell-off in the afternoon brought us well off the highs of the day. Still, most indices are trading within a few percentage points of their all-time highs.

TOP STORY

EV Startup Fisker Drowning In Ocean Cancellations As Over 40,000 Reservations Reportedly Scrapped

In Short: Fisker is facing a significant setback as more than 40,000 customers have reportedly canceled their vehicle reservations. This development comes at a time when the company is grappling with financial challenges and a potential bankruptcy filing.

What Happened: The cancellation of reservations for the Fisker Ocean, the company’s flagship electric vehicle, has surpassed 40,000, as per internal company metrics obtained by Business Insider. This figure represents a significant portion of the over 70,000 reservations made since the company began accepting pre-orders in November 2019.

Why It Matters: The cancellation rate has been averaging around 70 to 80 per day, the report said. The cancellations also add to the company’s costs, with each reservation costing $250, refundable except for a $25 processing fee. This would take the amount to be refunded for the 40,000 cancellations at about $9 million.

So: As per the report, other order cancellations are running up to a few thousand which are not fully refundable.

Learn More: Check out the full breakdown here.  

PRESENTED BY CBOE

FIVE ZINGERS

Doge Day: It might not be the dog days of summer yet, but Doge Day is around the corner. Here’s why Dogecoin is trading higher.

r/Regret: Three Reddit executives sold shares a little too early, missing out on gains worth about $20 million if they had held through the IPO.

No Disc Needed: CDs and discs are so 2005. Leaked photos of a new Xbox from Microsoft show a sleek design with no port for physical discs.

It’s $LIT: Chile is planning on expanding its Lithium mining and extracting efforts. Here’s how you can trade the move.

Back Like We Never Left: What crypto sell-off? Bitcoin is back above $70,000 as traders get excited ahead of the king crypto’s halving.

ONE FOR THE ROAD

Nvidia, Amazon And Microsoft's Recent Activity Indicate Impending AI Bubble: 'When The Music Stops There Will Not Be Many Chairs Available'

In Short: The ongoing excitement surrounding AI has prompted an analyst to highlight potential indicators of an impending market correction. Richard Windsor, a seasoned tech stock analyst and founder of Radio Free Mobile, has identified three recent occurrences that could signify an AI bubble.

What Happened: In a research note named “Magic Money Tree,” Windsor voiced concerns about the influx of money into the AI sector without adequate attention to company fundamentals, CNBC reported on Thursday. He pointed out three developments that have raised red flags for him.

So: The first is the reported $5 billion valuation of NVIDIA-backed generative AI company Cohere, which almost doubled its value last June, despite a 2023 annual revenue of just $13 million. Windsor called this a “reckless abandonment.”

What Next: Read the full breakdown here.  

PRESENTED BY CBOE