PHLX Semiconductor (^SOX): The "new shiny object" is AI

 


Beware that the SOX may be heading up to retest the 3,254.52 resistance level as it's trying to get out its bear market. Don't get confused by Samsung's comment earlier this month that chip inventory is at a 26-year high. Micron's top executives just suggested during their Q2 2023 earnings call this week that inventory issues have peaked and a turnaround is ahead.

Also be aware that the new shiny object in the chip sector is AI. Read all of these headlines:

“The AI explosion could help Micron and the chip industry turn the corner”, per Yahoo Finance.

“Nvidia’s stock has climbed as Wall Street bets on AI. Why investors say its promise is worth the premium”, per CNBC.

“Intel On Track With Data Center Chip Lineup, Touts Play In Artificial Intelligence”, per IBD.

This note contained herein is not and should not be construed as a recommendation to buy or sell. Click here to view the latest update!

Comments

Post a Comment

Popular posts from this blog

TESLA INC. (NASDAQ:TSLA): A robotaxi war may be brewing in China

Image
Tesla cleared their first hurdles in China after the company received FSD approval from the Chinese government. Beware though, just days after Elon Musk confirmed Tesla's intent to unveil their robotaxi in August, one of China's largest ride-hailing companies, Didi Chuxing, announced a joint venture with Chinese EV maker GAC Aion to mass produce its own Level 4 robotaxi, per IOT World Today. Didi acquired Uber China in 2016 and has more than 80 million active users in China. The downtrend of Tesla stock remains intact. TSLA needs to break above the key resistance level at $182.33 soon, or else the stock could pull back to below its 50-day EMA. This note contained herein is our opinion and should not be construed as a recommendation to buy or sell. Click here to view the latest update!
Read more

BITCOIN (BTC/USD): Bitcoin stuck under trendline resistances at ~ 69k or the Nov'21 high

Image
Bitcoin is stuck under trendline resistances at ~ 69k, or the Nov'21 high. June's macro conditions could provide the next catalyst for bitcoin to make a breakout, per CoinDesk. Be aware, though, that a rejection from the trendline resistances could send bitcoin back down to retest the trendline support ~ 65k. This note contained herein is not and should not be construed as a recommendation to buy or sell. Click here to view the latest update!
Read more