Weekend Market Report
Good morning and welcome to this week's market report. In this week's report, we highlight Mistral's latest raise, poke fun at Elon Musk for being a baby, and realize that this isn't a stock market but the NVDA market. Gold and silver price forecasts are below the fold.
Get rich quick scheme
I saw this on r/algotrading and cracked up. The reality is that there is no such thing as an easy buck or easy riches. You can get rich by luck but building wealth is hard. Easy bucks can disappear and they usually do. If you manage it right, wealth can stick around for a long time.
Elon Musk throws another temper tantrum
Ol' Musky Boy is throwing another tantrum, this time over Apple's decision to incorporate OpenAI's ChatGPT into the new iPhones.
Earlier in the day, Apple unveiled its long-awaited artificial-intelligence strategy at its Worldwide Developers Conference, which included featuring OpenAI’s ChatGPT in its latest iPhones. Apple said users will control when ChatGPT is used, and will need to give their permission before any data is shared.
“If Apple integrates OpenAI at the OS level, then Apple devices will be banned at my companies. That is an unacceptable security violation,” Musk said. - via MSN
What is it with that guy? Why is he such a big baby? First, he's kissing Tim Cook's ass not to leave Twitter (X) and now he's all mad that AAPL is making smart moves. Modern-day Thomas Edison my ass.
Mistral AI raises 600 mln euros in latest funding round
The GenAI boom isn't over and it doesn't look like it's going to be for a while. Mistral just raised 600 million Euros in a Series B round. Wow, that's a lot of money but most of it will probably go to NVIDIA for GPUs.
France's Mistral AI has raised 600 million euros ($643.7 million) in a funding round led by existing investor General Catalyst, it said on Tuesday, as AI continues to draw the bulk of technology-focused venture capital funds.The Series-B funding round valued the one-year-old company at 5.8 billion euros, according to two sources directly involved with the deal. This is a sharp increase from its valuation of 2 billion euros during its prior funding round in December. - via Reuters
If you want to get rich off the AI boom, right now, just buy NVDA. All roads lead to their GPUs.
General market commentary
Markets closed mixed for the week with the S&P500 and Nasdaq closing higher while the Dow closed lower. The markets are truly a tale of two cities here as technology is leading the market higher and it's all being propped up by one stock: NVDA.
NVDA is up over 174% for the year. It's as if the rest of the stock market doesn't exist. It's like there's not a market of stocks but an NVDA market.
I wrote about the Magnificent 7 Stocks and their pending crash earlier this year but predicting when that will happen is always a folly. The market could keep climbing until one day it doesn't. What I do know is there's a frenzy in the market that's frightening. There's so much froth in the market right now that when the bubble bursts, it's going to be very violent.
Gold and Silver price forecasts 1 week ahead
Gold and Silver had another volatile week but closed higher from the week before. Forecasts for the metals is mixed for the next week with forecasts for a month ahead looking flat to lower.
There is some chatter in the markets that inflation might be coming to heel, which may take the momentum out of Gold and Silver but any potential interest rate cuts will only make these metals go higher.
What are the price forecasts for gold and silver next week? Free members get to read what my forecast model has in store below the fold here.
