In today’s briefing:
- When Giants Run Out of Gas; Some Among Super Seven Are Losing Steam
- VNG Pre-IPO – Local Peers Comparison
- Bounce Continues; Small-Caps Test 3.5-Year RS Lows; Nasdaq/NYSE Breadth Improving; Buys in Energy
- Taiwan AI Conference Slides, Nvidia Fraud Hoax, Huawei, ARM IPO, and Intel
When Giants Run Out of Gas; Some Among Super Seven Are Losing Steam
- Super Seven are chiefly responsible for the rally in the S&P 500. >80% of the index gains this year were due in large part to the Super Seven.
- Amazon, Apple, Google, Meta, Microsoft, Nvidia, & Tesla are referred to as Super Seven. S&P is market-cap weighted. Little wonder that Super Seven have an outsized impact on it.
- Having strongly priced in expectations, investors wait for the Super Seven to deliver. Falling short can result in sharp price pullback. What next for the Super Seven?
VNG Pre-IPO – Local Peers Comparison
- VNG (VinaGame) (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.
- VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities
- We looked at the company’s past performance in our earlier notes. In this note, we undertake a comparison versus its local competitors.
Bounce Continues; Small-Caps Test 3.5-Year RS Lows; Nasdaq/NYSE Breadth Improving; Buys in Energy
- Over the last two weeks we discussed expectations for an oversold bounce; the bounce has continued. We believe it is possible we’ve seen the lows for this pause/pullback on SPX.
- We see low probability of a meaningful correction if SPX is above 4300-4325 (1.5-year support), but would not be surprised to see another month+ of consolidation between 4325 and 4600.
- Shorter-Term, as long as 4460 short-term support holds, we expect a test of 4600. Today we highlight several buys within Energy.
Taiwan AI Conference Slides, Nvidia Fraud Hoax, Huawei, ARM IPO, and Intel
A few quick takes before SEMICON. I’ll have an ARM IPO piece coming.
- The funniest meme on the internet is the incredulous “Nvidia is a fraud” meme. Given the recent rise in Nvidia’s stock, some brains are breaking on the internet.
- The thread/train of thought seems to be spreading, and I’m here to try to stop it.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
