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Algorithmic Trading Benefits
And, AMD's new AI chip against Nvidia.
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Today is Monday, June 3, 2024.
The Early Bird Index today is 72.10.
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Algorithmic Trading Benefits
Algorithmic trading is taking the retail investing world by storm in 2024, says Jay Proffitt, SVP of Strategy and Planning at Option Circle, in a new episode of the Early Bird podcast.
Definition: Algorithmic trading involves stock trades completed by computer programs. Proffitt said it is a rules-based approach for trading that can remove some human emotion from the process.
Background: The technology has been around for some time, but now average investors are getting their hands on these tools thanks to advancements in AI.
Big Picture: Proffitt said that algorithmic trading bots constantly scan for information. In 2024, this technology can help investors find critical trades by spotting big events such as wild market swings.
Final Thoughts: What is Proffitt’s prediction about algorithmic trading in the future? Find out by listening to a new episode of the Early Bird podcast.
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Notables
Notable Earnings Today: Science Applications (Nasdaq: SAIC), GitLab (Nasdaq: GTLB), BARK (NYSE: BARK), HealthEquity (Nasdaq: HQY), Lavoro (Nasdaq: LVRO).
Notable IPOs Today: Calamos ETF Trust (NYSE Arca: CPNJ), Innovator ETFs Trust (NYSE Arca: IJUN), AIM ETF Products Trust (NYSE Arca: SIXD).
Notable Equity Crowdfunding Campaigns Ending Today: IMBY (Honeycomb), Maazah (Wefunder), Future Cardia (StartEngine).
Notable Economic Events Today: S&P Global US Manufacturing PMI (9:45 a.m. ET), ISM Manufacturing PMI (10:00 a.m. ET), ISM Manufacturing Prices (10:00 a.m. ET), ISM Manufacturing Employment (10:00 a.m. ET).
AMD's New AI Chip Against Nvidia
Source: AMD
The next battle of the so-called artificial intelligence semiconductor wars commenced on Sunday with Advanced Micro Devices (Nasdaq: AMD) rolling out a new chip.
Details: AMD announced its new Ryze AI 300 Series processors, which the company says is the “world’s most powerful Neural Processing Unit (NPU)1 for next-gen AI PCs that pave the way for a future full of AI-infused computing directly on your laptop.”
The new chip was rolled out during the Computex technology trade show.
Zooming Out: AMD is a competitor of Nvidia (Nasdaq: NVDA), the AI computing stock that is up nearly 3,000% in the last five years.
Yes, But: AMD is only up 400% in that time (it is also up about 20% this year). This new chip rollout is a way for AMD to close the gap against Nvidia.
Final Thoughts: Is AMD a Nvidia killer? No, not at this stage. But AMD is another option for investors who want a chip stock in the AI race.
Toncoin’s Big Sunday
The cryptocurrency Toncoin surged by 10% on Sunday, even as most other cryptos were flat or were in the red.
Price: Toncoin is now up 31% in the last 30 days.
Final Thoughts: Higher trading volume seems to be behind the uptick in the price on Sunday. Toncoin is still a risky investment.
Trends to Watch
Meme Stocks 2024: GameStop shares surge as ‘Roaring Kitty’ trader posts account showing $116 million position (CNBC)
Trash Into Treasure: Waste Management Near Deal to Buy Stericycle (Wall Street Journal)
Supply Squeeze: Crypto exchanges see $3B Ethereum exit since ETF approvals (Cointelegraph)
Slowdown: Key Engines of US Consumer Spending Are Losing Steam All at Once (Bloomberg)
New Details Emerging: As Paramount Global Preps For Shareholder Meeting And Town Hall, Details Of Revised Skydance Offer Surface (Deadline)
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The contents of Early Bird are intended for informational and entertainment purposes only. They do not constitute trade or investment recommendations and they are not financial or legal advice. Readers are encouraged to consult licensed professionals for personalized guidance regarding their financial or legal situations.