Shares of technology companies took a hit as the AI rally came to a standstill. Despite this, Nvidia shares saw a slight decrease of more than 1%, remaining up by over 60% for the year 2024.
Caution in the AI Market
A strategist advised that, although there was no urgent need to sell red-hot AI stocks, investors who have not yet dived into this niche might want to consider other options. Oliver Pursche, senior vice president at financial advisory Wealthspire, emphasized the challenge of accurately predicting shifts in momentum in the market.
Google Faces Legal Trouble
Google, owned by Alphabet, encountered a $2.28 billion lawsuit from a group of European media organizations. The suit alleges that Google’s dominance in the advertising market has had a detrimental impact on their businesses.
Bitcoin’s Relationship with Stock Prices
JJ Kinahan, chief executive of IG North America and president of its brokerage tastytrade, highlighted the tendency for Bitcoin’s price to rise when stocks are nearing new record highs. He noted the absence of a clear valuation metric for Bitcoin and suggested that money may flow into Bitcoin as a result.
Baidu’s Positive Quarter
Chinese search-engine giant Baidu reported record quarterly revenue and increased adjusted profit. This growth was fueled by higher ad spending and the growing popularity of its ChatGPT-rival chatbot.
