Daily Newsletter | August 11, 2023

TLDR

? MARKET RECAP → The Nasdaq (QQQ) slips Friday, falling two weeks in a row for the first time in 2023. ?

⚡NVIDIA’S NUMBERS → NVIDIA’s (NVDA) AI-driven ascent made it a trillion-dollar tech titan alongside industry giants like Amazon (AMZN), Apple (AAPL), Microsoft (MSFT), and Alphabet (GOOG).

? US JUDGE SENDS FTX’s SBF TO JAIL → FTX’s Bankman-Fried jailed after media leaks and witness tampering suspicions.

Sean Horgan

Head of Investor Relations @ MoneyLion

$shorgan

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Today’s S&P 500 Heatmap

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Source: finviz.com

Bull vs. Bear Weekly Recap with JeffC

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Today’s Top News

JAIL TIME DECISION

? FTX founder Sam Bankman-Fried was taken into custody after Judge Kaplan sided with federal prosecutors, citing probable witness tampering.

? Despite a $250 million bail package, Bankman-Fried’s extensive interactions with the media, including over 1,000 phone calls, raised eyebrows.

? The final straw? Leaking private diary entries of ex-girlfriend and former Alameda Research CEO, Caroline Ellison, to the New York Times.

Source: shutterstock

NVIDIA’S NUMBERS

? NVIDIA’s (NVDA) stock skyrocketed, surpassing a $1 trillion market cap, joining tech giants like Amazon (AMZN), Apple (AAPL), Microsoft (MSFT), and Alphabet (GOOG).

? Despite being known for gaming tech, NVIDIA’s real buzz comes from its AI-driven graphics chips, which are in high demand across Silicon Valley.

? With a price-to-earnings ratio of 220, NVIDIA’s valuation was notably higher than Amazon’s (110) and Tesla’s (70), showcasing investor confidence in its future growth.

Source: shutterstock

Keep Reading

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Zoom rewrites its policies to make clear that your videos aren’t used to train AI tools (The Verge)

Harris to play a leading role in Biden’s 2024 campaign (CNBC)

‘Bulletproof’ hosting site that allegedly enabled 400 ransomware attacks seized, founder indicted (CNBC)

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And if you want more, be sure to check out the MoneyLion blog for tips, hacks and all things money (Moneylife)

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Written by Sean Horgan Sean Horgan is the Head of Investor Relations at MoneyLion, where he leads communications with investors and stakeholders. Before joining MoneyLion, Sean was an Equity Research Analyst at Rosenblatt Securities and Emerald Asset Management. Sean holds multiple FINRA licenses, including Series 7, 63, 86, and 87, and CFA Level I. Sean also writes MoneyLion's Markets Daily newsletter, delivering the daily TL;DR on market news.