In today’s briefing:
- Pounding the Table on EPAM
- Wheat explodes after Russia threatens to attack grain shipments // Dollar-Commodities Divergence
- Visa Earnings: Business Momentum Is Likely To Be Sustained, But Clouds Are Gathering
- Altcoin Dominance Hits 4-Month High
- Qualcomm: A Sleeper Stock For Potentially Big AI Gains
Pounding the Table on EPAM
- As most AI heavyweight stocks (e.g. Nvidia, Microsoft) have already soared, some investors may be left feeling that they have missed the AI bandwagon.
- We believe there’s a delayed “AI winner” which the market is still sleeping on: EPAM Systems.
- With the stock back at ~$230, the risk-reward here is highly attractive in our view.
Wheat explodes after Russia threatens to attack grain shipments // Dollar-Commodities Divergence
Wheat futures soared as much as 9%, the biggest jump since 2012, as Russia threatened ships sailing to Ukrainian ports, escalating a conflict over exports from the key Black Sea region.
Russia’s defense ministry said that all ships headed to the ports from Thursday will be considered as potentially carrying military cargo.
It also said flag countries of vessels sailing to Ukraine will be considered as on Kyiv’s side in the conflict.
Visa Earnings: Business Momentum Is Likely To Be Sustained, But Clouds Are Gathering
- Visa continues to deliver as the company fully capitalizes on recent macroeconomic and industry-wide tailwinds.
- The expectations for the upcoming quarter are high and the second half of the fiscal year is also likely to be more challenging.
- This creates certain risks for the share price that are not necessarily priced in at the moment.
Altcoin Dominance Hits 4-Month High
- BTC volume dominance has slipped 8% since the start of July following the Ripple ruling, which instantly caused altcoin markets to rally.
- BTC dominance across the top 25 centralized exchanges is currently at its lowest level since April, at 27%.
- Offshore exchanges have experienced a more extreme drop in BTC trading activity, partially due to a spike in South Korean altcoin volume.
Qualcomm: A Sleeper Stock For Potentially Big AI Gains
- Qualcomm has announced a partnership with Meta to run the Llama 2 Large Language Model on mobile devices and PCs from 2024 on.
- The deal could open up a new wave of LLM usage for everyday consumers on mobile, PC, and VR/AR headsets, potentially boosting Qualcomm’s market position.
- In the year’s artificial intelligence gold rush, Nvidia (NVDA) surged to a $1 trillion market cap.
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