?? TSMC CEO Declares AI Revolution Is Genuine, Not a Bubble

The articles and information in this newsletter are a summary of yesterday’s trading and related news. They are presented for informational purposes only. Nothing in the newsletter should be taken as investment or trading advice.

S&P 5005, 842.47+27.21 (+0.47%)

Dow Jones 43,077.70+337.28 (+0.79%)

NASDAQ 18,367.08+51.49 (+0.28%)

Market close: October 16, 2024

Breaking News

TSMC CEO Declares AI Revolution Is Genuine, Not a Bubble.

?? TSMC CEO C.C. Wei dismisses concerns of an AI bubble, affirming the technology’s transformative power and real-world impact. Wei highlights that TSMC's close work with top AI innovators and hyperscalers, alongside its own productivity gains, proves AI's growth is sustainable and tangible. MarketWatch reports.

Image source: Wikimedia Commons

EdgeUp

?? OrbitCut: Airbus to cut up to 2,500 jobs in defence and space. Yahoo Finance reports.

?? PowerUp: General Motors to contribute $625 million to new JV with Lithium Americas. Reuters reports.

?? ZeroBarriers: Musk’s SpaceX sues California regulator, alleging political bias over rocket launches. WSJ reports.

?? ColorZ: Amazon announces Kindle colorsoft, updates other models as competition heats up. MarketWatch reports.

?? TradeDrop: Stellantis expects Q3 shipments to fall by a fifth in effort to cut inventories. Reuters reports.

?? ChipCrash: Global chip stocks erase $420 billion after ASML sales warning. Yahoo Finance reports.

Top 5 Movers in Early Pre-Market

(All pricing and percent gains are based on Early Pre-Market from 4:00 AM to 7:00 AM Eastern Time) Benzinga reports.

1. $STAF: Staffing 360 Solutions

Total gain: 257.77%

2. $NIXX: Nixxy

Total gain: 237.55%

3. $BREA: Brera Holdings

Total gain: 139.73%

4. $MTEM: Molecular Templates

Total gain: 102.39%

5. $VSME: VS Media Holdings

Total gain: 94.59%

Tech Thursday

Why Big Tech is turning to nuclear to power its energy-intensive AI ambitions

Technology giants are turning to nuclear energy to power the energy-intensive data centers needed to train and run the massive artificial intelligence models behind today’s generative AI applications. Microsoft and Google are among the firms agreeing deals to purchase nuclear power from certain suppliers in the U.S. to bring additional energy capacity online for its data centers. This week, Google said it would purchase power from Kairos Power, a developer of small modular reactors, to help “deliver on the progress of AI.

?? Read more

Refer a Friend & Earn Together

Did you know that it pays to invite your friends to TradeZero?When they fund a new account with us, you'll both receive $100 USD. T&Cs apply.

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Yesterday’s Biggest Movers

The closing price of the top three market percent gainers trading near or above $3 on October 16.

(All pricing and percent gains are based on regular market trading hours from 9:30 am to 4:00 pm Eastern Time)

1. $ATNF: 180 Life Sciences

Total gain: +321.71%

The company released a letter to stockholders from its Interim Chief Executive Officer, Blair Jordan. The letter outlined the strategic plan to enter the online gaming industry by leveraging its newly acquired "back-end" gaming platform, which integrates blockchain technology and supports full cryptocurrency operability. 180 Life Sciences intends to use this platform to establish a blockchain-based business targeting the global iGaming market. While the initial focus will be on B2C online casinos, the company also plans to expand into a B2B model, offering a seamless, blockchain-enabled technology platform for gaming operators worldwide. Benzinga reports.

2. $VS: Versus Systems

Total gain: +218.26%

The company announced the execution of two significant agreements with Aspis Cyber Technologies (ASPIS). ASPIS is affiliated with Cronus Equity Capital Group, LLC, which holds approximately 39.5% of the company’s outstanding common stock. A key shareholder of Cronus is also a shareholder of ASPIS, further reinforcing the strategic alignment between the entities. Additionally, one of the company’s directors serves as a director of ASPIS and holds an equity interest in the firm. The first agreement, a Business Funding Agreement, stipulates that ASPIS will invest $2.5 million in Versus Systems. So far, ASPIS has invested an initial $500,000, with the remaining $2,000,000 to be invested on or before November 15, 2024. Benzinga reports.

3. $PRQR: ProQR Therapeutics

Total gain: +128.18%

The stock appeared to be moving on no notable news.

Today’s Notable Earnings

(Estimate and Actual numbers represent Earnings Per Share in US Dollars)

NFLX Netflix

3Q 2024

After Market Close Estimate: 5.120

Actual: N/A

NOK Nokia

3Q 2024

Before Market Open Estimate: 0.080

Actual: 0.070

TSM

Taiwan Semiconductor

3Q 2024

Before Market Open Estimate: 1.800

Actual: 1.940

Today’s Key Economic Dates

Time (ET) / Report / Period

8:30 am Initial jobless claims - October 12

8:30 am U.S. retail sales - September

8:30 am Retail sales minus autos - September

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Parting Thoughts

"Don’t take action with a trade until the market itself confirms your opinion. Being too early is just as bad as being too late." ― Edwin LefèvreSourced in: "Reminiscences of a Stock Operator", by Edwin Lefèvre, published in 1923

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