WEEK OF JUNE 10, 2024
Welcome to the Traderverse Weekly Newsletter!
Traderverse Updates
As we continue to expand and innovate, we are delighted to announce the addition of over 20 talented interns across various fields within our business. These new team members bring expertise in AI/ML, Marketing, Business, QA, Development, Graphic Design, and Animation.
We are enthusiastic about the fresh perspectives and creative energy these interns will bring to Traderverse. Their diverse skills and experiences will significantly contribute to our ongoing projects and help us push the boundaries of what we can achieve together.
This collaboration marks a significant milestone in our journey, and we are eager to see the positive impact of their contributions. The infusion of new talent will not only enhance our capabilities but also drive forward our mission of revolutionizing the trading platform experience.
Stay tuned for more updates as we continue to grow and innovate.
Thank you for your unwavering support and enthusiasm.
Important Prices
What’s Moving The Markets?
Nvidia’s market valuation surpassed $3 trillion, making it the world’s second most valuable company after Apple, following the announcement of a ten-for-one stock split effective June 7, driven by high demand for its AI processors and strategic market moves.
Tesla’s institutional shareholders are pulling back, concerned about a significant share price drop, declining sales, and intense competition, despite some analysts maintaining bullish perspectives and others selling off due to valuation concerns and CEO Elon Musk’s distractions.
AMD unveiled its latest AI processors, the MI325X accelerator, at Computex in Taipei, marking a strategic push to compete with Nvidia in the AI chip market, with future releases planned and a focus on sustaining growth in AI chip and CPU sales.
A group of current and former employees from leading AI companies, including OpenAI and Google DeepMind, have issued an open letter warning about the dangers of unregulated AI, criticizing financial motives hindering oversight, outlining severe risks like misinformation and inequality, highlighting weak transparency, and calling for robust regulatory frameworks to prevent catastrophic outcomes.
Germany is considering buying eight more F-35 fighter jets from Lockheed Martin, which would add to the 35 already ordered as Berlin evaluates costs, despite budget constraints potentially hindering future military investments.
Robinhood has announced a $200 million cash acquisition of U.K.-based cryptocurrency exchange Bitstamp, aiming to enhance its global crypto presence, attract institutional clients, and significantly expand its capabilities beyond the U.S.
S&P Outlook
Bear Case: Bears aim to keep the price below the 5385.50 mark to assert control. The critical step for enhancing bearish momentum involves driving the price down and ensuring it remains below 5307. Successfully achieving this would solidify the bearish stance and potentially extend the downward trend in the market.
Bull Case: Bulls are focused on maintaining support above the 5307 level, which is crucial for their control. The primary objective is to break through the 5385.50 resistance barrier to fuel continued bullish momentum. Overcoming this level is essential for bulls aiming to push the market to higher highs
EARNINGS RELEASE CALENDAR
FOR WEEK OF JUNE 10th
Economic Data Calendar
