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Today is Tuesday, September 17, 2024.

The Early Bird Index today is 70.57.

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Intel's Amazon Chip Collab 💻

Intel (Nasdaq: INTC) climbed 6.36% on Monday, plus a 7.89% increase during after-hours trading, after the company announced a new collaboration with Amazon (Nasdaq: AMZN).

Details: On Monday, AWS (Amazon Web Services) rolled out a co-investment for custom chip designs under a multi-year, multi-billion dollar framework on products and wafers from Intel.

• Intel will create an artificial intelligence fabric chip for AWS on 18A, Intel’s most advanced process node.

Also: On Monday, Intel announced that it received $3 billion in funding under the CHIPS and Science Act in the United States. The company plans to pause projects in Germany and Poland. 

Background: Once a dominant force in the semiconductor industry, Intel has faced significant challenges in recent years. The stock was down 56% in 2024 due to poor financial results and the company suspending dividend payments.

Early Bird’s Nest Egg Gains: Intel is taking several strategic steps to revitalize its business and regain its competitive edge.

• Intel has announced plans to transform its foundry division into a standalone entity, which is designed to explore opportunities for external funding or potentially spin off the foundry division as a separately traded company.

• The company has also strengthened its balance sheet through layoffs while growing through new partnerships and improving its manufacturing processes.

Final Thoughts: Until Intel turns things around, it’s tough for most investors to trust this stock.

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Notables

Notable Earnings Today: Ferguson (NYSE: FERG).

Notable IPOs Today: Pacer Nasdaq International Patent Leaders ETF (Nasdaq: PATN).

Notable Equity Crowdfunding Campaigns Ending Today: Valo (Wefunder), Renegade Running (SMBX).

Notable Economic Events Today: Retail Sales / Core Retail Sales (8:30 a.m. ET), Industrial Production (9:15 a.m. ET), Business Inventories (10:00 a.m. ET), Retail Inventories Excluding Auto (10:00 a.m. ET), API Weekly Crude Oil Stock (4:30 p.m. ET).

Tupperware's Likely Bankruptcy

Shares of Tupperware Brands (NYSE: TUP) plunged 57.51% on Monday due to a report about the company’s future.

Details: Bloomberg reported Monday that Tupperware plans to file for bankruptcy after failing to revive the business.

Background: Tupperware is down 75% this year. Bad financials, a lot of debt, delayed earnings results, and shuttered plants contributed to the company’s decline.

Final Thoughts: The bankruptcy is expected to come this week.

Dogecoin Slips Amid “Bloody Red Monday”

The price of Dogecoin fell 3.50% on Monday amid growing weakness in the cryptocurrency market.

Details: Social media personality SlumDOGE Millionaire called yesterday “Bloody Red Monday.”

Final Thoughts: Despite the decline, Dogecoin is still up 7% this year.

Trends to Watch

Goodbye WFH: Amazon tells employees to return to office five days a week (CNBC)

Mine Your Business: Bitcoin Mining Profitability Remains at All-Time Lows as Prices Fall, Hashrate Rises, JPMorgan Says (CoinDesk)

Everyone Wins (Except Ethereum): Crypto investment products see $436M inflow, while Ethereum continues to suffer (Cointelegraph)

Happy Holidays: Target to hire 100,000 seasonal employees, launches early holiday promotions (Reuters)

Guac 2.0: Chipotle’s testing an avocado-peeling robot and an automated bowl assembly line (The Verge)

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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.}