Happy Tuesday Zingers! Combined, the Magnificent 7 stocks are now valued — by both profits and market cap — more than nearly every other country in the world, except for China and Japan.

But I wouldn’t be too worried about it. Everyone knows you go to Italy for the food, France for the wine, and Ireland for the beer. Unless NVIDIA graphics cards are about to start whipping up some fresh carbonara, I think the European economy will be just fine.

Also, want to see how the best-performing portfolios are positioned? Check out Savvy Trader.

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MARKET SNAPSHOT

On Our Radar: Walmart, Home Depot and more reported before the open. Then at 10 am ET, we’ll get leading economic indicators. I hope they lead us in the right direction!

TOP STORY

EV Battery Metal Market Faces Downturn

Briefly: The electric vehicle (EV) industry is experiencing a significant shift as producers of lithium and nickel are pausing projects and shutting down mines to conserve cash. These commodities are essential components of lithium-ion batteries necessary for EV production.

So Basically: This move comes in the wake of a dramatic decrease in commodity prices. Lithium prices dropped by up to 90% since last year, and nickel prices were essentially cut in half.

So Then: According to the Wall Street Journal, a key player in the production of battery metals is reevaluating its plans accordingly. Albemarle Corp had planned for a high-tech $1.3 billion lithium processing plant in South Carolina.

So What: This project, intended to support South Carolina’s growing electric vehicle industry, is now on hold. The pause is due directly to the decline in battery metal prices and a slowdown in the growth of EV sales in both the U.S. and China.

What Next: Check out more here.

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FIVE ZINGERS

Uphill Battle: Elon Musk says that Tesla will have a chance to increase deliveries by 10 times its current amount… but there’s a catch.

Not My Verdict: Some ‘Truckers For Trump’ are talking about boycotting routes to NYC over the city’s ruling against the former president.

That’s A High Bar: Grant Cardone is known to make some bold claims. His latest? Saying anything less than $400k a year is “embarrassing”.

Snap Out Of It: Dan Ives at Wedbush recently explained why investors are getting frustrated with Snap Inc’s excuses during earnings calls.

Midas Touch: Everything Sam Altman touches seems to turn to gold. Here’s why his crypto project is up more than 200% in the last week.

ONE FOR THE ROAD

Google Lays Off Thousands More Employees Despite Record Profits

Briefly: Google has initiated significant layoffs across various teams including Voice Assistant, hardware, engineering and ad sales. This marks a continuation of the tech industry’s trend towards reducing workforce expenses.

So Basically: The layoffs have affected hundreds of employees within the Voice Assistant unit and the augmented reality (AR) team. Hardware teams responsible for Pixel, Nest and Fitbit products were also downsized. According to The Verge, the total number is in the thousands.

So Then: This move is part of Google’s broader effort to streamline operations and align resources within its most significant product priorities. Google parent, Alphabet Inc., reported record profits in late January. The company reported $20.4 billion in net income in Q4.

So What: The layoffs have sparked widespread concern among Google employees regarding the ethical implications of their work. This is amidst Google’s laser-focused efforts on AI development.

What Next: Read the full breakdown here.  

PRESENTED BY SAVVY TRADER

See Details of the World's Best Portfolios

Savvy Trader is an investment site where you can see the details of various investor portfolios. Each time an investor makes a trade, you are sent a notification of the trade. The performance of portfolios on Savvy Trader is tracked by Savvy Trader using real-time pricing and can not be manipulated. Click here to check it out.