The Dow posted fresh highs overnight, again, boosted by Nvidia (+3.4%) after Elon Musk said that SpaceX would only use Nvidia processors when building its AI computing infrastructure in the future. In SpaceX’s earnings call, he said Nvidia has “the best AI computer,” before adding, “We’re exclusive to Nvidia.” However, SpaceX shares dropped more than 13% after the rocket company released its first quarterly report since going public in June, closing ~$US108, having IPO’s at $US135.
Broader Technology came under pressure overnight, led by chipmaker Advanced Micro Devices (AMD), which fell 7% despite delivering a modest earnings beat, with investors expecting more. Alphabet also lost 4% after announcing a reshuffle of its AI division and the departure of long-serving chief scientist Jeff Dean after 27 years with the company.
- We can see the Dow continuing to push higher into Christmas, as geopolitical fears fade.
MM remains bullish towards the Dow around 54,000
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