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🥈Second Is The Best
NVIDIA is coming for you Apple... plus, why this analyst sees the market rallying 4% in June
Charla Hojnacki
June 05, 2024
Happy Wednesday Zingernation! We all want to be like the characters we watch in movies and TV shows. Maybe that helps explain why Jeff Bezos wanted to play ‘Undercover Boss’ in real life.
—Aaron Bry & Nic Chahine
Plus, check out the company that’s taking on AI giants like OpenAI and Microsoft through innovative language models.
MARKET SNAPSHOT
Yesterday: Some renewed hopes regarding rate cuts helped bring stocks higher, with all major indices closing in the green. Let’s see if the rally will continue.
On Our Radar: ADP numbers out before the open will give us a peek into the health of the labor market. And then ISM Service numbers will come out at 10am ET.
TOP STORY
Briefly: U.S. stocks are gearing up for a cautiously optimistic start on Wednesday after a late-session recovery led to a positive close in the previous session.
So: Labor market data and service sector activity reading could set the tempo for the day’s trading direction.
Labor Data: A soft private payroll number could prove to be a double-edged sword, depending on what traders choose to focus on.
The Impact: Bond yields remain subdued and but could see some volatility post the data. Positive reactions to earnings, specifically from the tech sector, could provide a lift to the space.
Why It Matters: U.S. stocks moved about in a lackluster manner for the bulk of Tuesday’s session but managed to close the day higher.
Basically: After the Labor Department’s JOLTS survey, showing job openings slumping to their lowest level since 2021 jolted the market early on, the indices stayed mostly below the unchanged.
PRESENTED BY ONEMETA
Natural language processing driven by AI and machine learning paved the way for ChatGPT, but Microsoft Corp. (Nasdaq: MSFT) and Open AI aren’t the only ones innovating in this area. So is OneMeta Inc. (OTCQB: ONEI), the AI-powered translation and transcription services company. It is breaking down language barriers with its technology that enables real-time speech translation and transcription with live captions in seconds.
Its products are gaining popularity, particularly its Verbum for Microsoft Teams. It was recently added to Microsoft’s Teams store, AppSource Marketplace and the Azure Marketplace which should drive sales. It’s also hitting technological milestones with its AI-driven NLP system. The company, which counts Archdiocese of Oklahoma City as a customer, reduced the translation and transcription speed of over 150 languages and dialects to less than 200 milliseconds. OneMeta said the breakthrough allows for the near-instantaneous interpretation of spoken content into multiple languages simultaneously, all on the same audio channel. It’s something rivals can’t claim. To learn more about OneMeta’s AI-driven translation and transcription products click here.
FIVE ZINGERS
Health Is Wealth: Want to doctor up your portfolio? Here are four health care stocks poised to break out this month.
And The Beat Goes On: One of Apple’s suppliers predicts that AI server sales will triple in the next year. Here’s how to play it.
The Crowd Goes Wild: Analysts are coming in and revising their price targets for Crowdstrike after the company’s earnings report. Check them out here.
Cleared For Takeoff: Rocket Lab’s stock moved higher after launching two satellites for NASA in 11 days. Here are the details.
Eyes On The Prize: Elon Musk has been shifting some focus away from Tesla and toward AI. But one analyst thinks that might be changing.
ONE FOR THE ROAD
Briefly: Nvidia’s lead in artificial intelligence has translated to strong fundamentals, giving a major boost to its stock price. While still trailing Apple, Inc. in market cap, Nvidia emerged on Tuesday as the second-largest holding in the $SPY, a key exchange-traded fund mirroring the S&P 500.
What Happened: Information from SPY’s trustee, State Street Global Advisors (SSGA), shows Nvidia now holds a 6.39% weighting, second only to Microsoft Corp. at 6.91%. Apple falls to third with 6.34%.
Why This Matters: SPY is a popular investment tool for portfolio diversification, offering exposure to the broader market without individual stock risk. Launched in 1993, it’s a go-to choice for mimicking S&P 500 returns. Tech stocks hold the biggest weighting at 31%, followed by financials (13%) and healthcare (12%).
Nvidia vs. Apple: A Tight Race: Globally, Nvidia remains the third most valuable company behind Microsoft and Apple. As of Tuesday’s close, Nvidia’s $2.864 trillion market cap trails Apple’s $2.98 trillion by just $116 billion. Premarket trading saw Nvidia rise 1.44% compared to Apple’s modest 0.17%.
Click here to read more.
PRESENTED BY ONEMETA
Natural language processing driven by AI and machine learning paved the way for ChatGPT, but Microsoft Corp. (Nasdaq: MSFT) and Open AI aren’t the only ones innovating in this area. So is OneMeta Inc. (OTCQB: ONEI), the AI-powered translation and transcription services company. It is breaking down language barriers with its technology that enables real-time speech translation and transcription with live captions in seconds.
Its products are gaining popularity, particularly its Verbum for Microsoft Teams. It was recently added to Microsoft’s Teams store, AppSource Marketplace and the Azure Marketplace which should drive sales. It’s also hitting technological milestones with its AI-driven NLP system. The company, which counts Archdiocese of Oklahoma City as a customer, reduced the translation and transcription speed of over 150 languages and dialects to less than 200 milliseconds. OneMeta said the breakthrough allows for the near-instantaneous interpretation of spoken content into multiple languages simultaneously, all on the same audio channel. It’s something rivals can’t claim. To learn more about OneMeta’s AI-driven translation and transcription products click here.