?? Chip Dreams: SoftBank's AI Ambitions
S&P 500 5,222.68 +8.60 (+0.16%)
Dow Jones 39,512.84 +125.08 (+0.32%)
NASDAQ 16,340.87 -5.40 (-0.03%)
Market close: May 10, 2024
Breaking News
SoftBank's subsidiary Arm plans to shake up the AI chip industry with its upcoming prototypes slated for spring 2025, aiming to challenge existing players. Discussions with manufacturers like TSMC signal a bold move toward mass production, reflecting SoftBank's commitment to AI innovation. CNBC? reports.
(Image Source: Wikimedia Commons)
The Warm Up
SoundSurge: Shares of SoundHound AI (NASDAQ: SOUN) surged 14.3% following robust first-quarter results, showcasing a 73% revenue increase compared to the previous year. The company's AI-driven solutions, particularly in automotive and customer service sectors, garnered investor interest amid an expanding market for AI products. Yahoo Finance reports.
??Fuelish: The U.S. auto safety regulator said on Friday it was opening a preliminary evaluation into 210,960 Ford?vehicles following complaints alleging diesel fuel leaks that may result in a fire. CNBC reports.
?EVolve: Rivian, Lucid and Nikola this week each detailed plans to reduce costs while attempting to grow operations and make their first profits.The efforts have ranged from job cuts and production changes to supplier rearrangements and shifting priorities. All three of the high-profile EV startups are near 52-week or all-time lows. CNBC reports.
Froggyplunge: JFrog's stock took a dive by about 17% as the company reported first-quarter revenue exceeding expectations but offered guidance that failed to impress investors. Analysts observed a slower growth rate in cloud revenue compared to previous quarters, prompting mixed reactions from the investment community. MSN reports.
Jetflip: Five Boeing 747 passenger jets once operated by the South Korean flag carrier Korean Air have been purchased by the Sierra Nevada Corporation, the contractor for the replacements for the US Air Force’s current fleet of strategic command and control military aircraft, more commonly known as “Doomsday” planes. CNN reports.
GameFlix: Streaming giant?Netflix Inc?is teaming up with gaming company?Roblox Corporation?for a digital experience that could excite fans of hit shows?like "Stranger Things." The company ended the first quarter?with 269.9 million paid subscribers and has been expanding its video game efforts for years. Benzinga reports.
A Question About Risk
Bob Iaccino is a chief market strategist and co-founder of Path Trading Partners. He joins us live every Thursday from 11am ET, as our risk management educator.
How do large caps and small caps compare in terms of risk management? From a risk perspective, large caps are considered less risky. They don't move as much. Their business models are established and even earnings will not move their stock on a percentage basis as much as small caps would be moved from a poor earnings report. Small caps are more volatile and therefore riskier, although they don't have to be. However, they can be more susceptible to market downturns and sort of economic blips, for lack of a better phrase.
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Friday’s Biggest Movers
The closing price of the top three market percent gainers trading near or above $3 on May 10.
(All pricing and percent gains are based on regular market trading hours from 9:30am to 4:00pm Eastern Time)
1. $LIDR: AEye Inc.
Total gain: 113.33%
The company announced that the non-binding Letter of Intent announced in March is with LITEON Technology Corporation and is intended to provide AEye with a customer channel and industrialization partnership. Both companies will work together to supply AEye's 4Sight?-based lidar products to automotive original equipment manufacturers ("OEMs") who are focused on safety through automotive Advanced Driver Assistance Systems. Benzinga reports.
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2. $NVAX: Novavax Inc.
Total gain: 100.00%
The company announced its financial results and operational highlights for the first quarter ended?March 31, 2024. Benzinga reports.
3. $SRTS: Sensus Healthcare
Total gain: 38.85%
The company reported first quarter 2024 financial results with revenues up more than three-fold. Benzinga reports.
Today’s Notable Earnings
(Estimate and Actual numbers represent Earnings Per Share in US Dollars)
LEGN Legend Biotech
1Q 2024
Before Market Open Estimate: -0.340 Actual: -0.160
HUYA HUYA
1Q 2024
Before Market Open Estimate: N/A Actual: 0.050
AUGX Augmedix
1Q 2024
After Market Close Estimate: -0.130 Actual: N/A
Today’s Key Economic Dates
Time (ET) / Report / Period
9:00 am Fed Vice Chair Philip Jefferson and Cleveland Fed President Loretta Mester speaks
Extra-Time
Visit Our Knowledge Corner
Parting Thoughts
“We want to perceive ourselves as winners, but successful traders are always focusing on their losses.” ― Peter Borish?
Sourced in: FAMOUS TRADERS’ QUOTES By World Best Stories · 2022?