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TradeUP Thursday
Feb 22, 2024
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• How did Nvidia's recent earnings perform amid the AI boom?
• What do the Fed minutes suggest regarding potential rate cuts?
• Why did Jeff Bezos sell $8.5 billion worth of Amazon shares?
Dow Jones S&P 500 Nasdaq
36,612.24 (+0.13%) 4,981.80 (+0.13%) 15,580.87 (-0.32%)
Opening price as of 02/22/2024 compared to last close
Nvidia's Earnings Showcase Soaring Profit and Revenue Amid AI Boom
Nvidia reported robust fourth fiscal quarter earnings, surpassing Wall Street's expectations for both earnings and sales. The company's shares rose by 10% in extended trading following the announcement. The strong financial performance was propelled by the increasing demand for Nvidia's graphics processors in developing large artificial intelligence models for servers. CEO Jensen Huang addressed concerns about sustaining growth, expressing confidence in continued expansion through 2025 and beyond. Notably, Nvidia's Data Center business, a major revenue contributor, experienced a remarkable 409% increase. Despite facing challenges in the gaming business and encountering supply constraints for AI GPUs, particularly with the upcoming B100 chip, Nvidia remains optimistic about its market position. Read more

Fed Minutes Suggest No Rate Cuts Until Further Moderation of Inflation
During its recent meeting, the Federal Reserve decided to maintain the overnight borrowing rate, signaling a cautious stance on interest rate cuts until there is "greater confidence" in inflation moderating. Officials expressed optimism about the efficacy of previous policy measures but emphasized the need for more evidence before considering easing. The discussion underscored concerns about the potential risks of moving too quickly on rate cuts and uncertainty regarding the duration of a restrictive monetary policy. Additionally, the minutes hinted at upcoming discussions on the Fed's bond holdings and suggested a likely gradual approach to "quantitative tightening." Overall, the minutes revealed internal debates over policy adjustments amidst economic uncertainties. Read more

Bezos Cashes Out $8.5 Billion from Amazon Share Sale
Former Amazon CEO Jeff Bezos has concluded the last of a planned series of stock sales, selling $2 billion worth of Amazon shares and accumulating approximately $8.5 billion in cash. The regulatory filing from earlier this month outlined Bezos' intention to sell 50 million shares by January 31, 2025, with sales beginning on February 7 and recently concluding. Despite the significant sale, Bezos still retains over 900 million Amazon shares valued at around $158 billion, maintaining a net worth of approximately $191 billion, according to the Bloomberg Billionaires Index. While the motivation behind Bezos' stock sales remains unclear, experts suggest the timing aligns with Amazon's rising share price, up more than 12% this year, and his recent move from Seattle to Miami, allowing him to avoid Washington state's new 7% capital gains tax and potentially save nearly $600 million in taxes. Read more

When Will Home Prices Be Affordable Again?

As mortgage rates climb back to 7%, the housing market experiences a renewed freeze, prolonging the ongoing buyers' strike. "[G]iven that approximately two-thirds of outstanding mortgages currently boast rates below 4%, a notable portion of existing homeowners may choose to delay their buying and selling plans, awaiting the potential for even lower rates before deciding on their next residence," notes Jiayi Xu, an economist at
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