Zinger Key Points
- Nvidia’s open-source AI model surpasses competitors, signaling a strategic shift towards dominance.
- Analysts recommend Plug Power and EVgo for election volatility; Enovix as hedge.
Benzinga examined the prospects for many investors’ favorite stocks over the last week — here’s a look at some of our top stories.
Both the S&P 500 and Dow broke their six-week winning streaks, with the S&P 500 down nearly 1% and the Dow falling 2.7% for the week. Meanwhile, the Nasdaq marked its seventh consecutive weekly gain, rising 0.2% and reaching an all-time high, driven by strong performances from megacap tech stocks.
With the presidential election approaching, investor caution has led to a broadly flat week on Wall Street, as concerns over fiscal policies and potential trade disruptions linger.
Rising Treasury yields signaled market expectations of fiscal challenges for the next administration, regardless of the election outcome.
Benzinga provides daily reports on the stocks most popular with investors. Here are a few of this past week’s most bullish and bearish posts that are worth another look.
The Bulls
“Nvidia’s New Free, Open Source AI Model Reportedly Outperforms OpenAI’s GPT-4o, Anthropic’s Claude 3.5 Sonnet,” by Ananya Gairola, details how Nvidia Corp. NVDA launched Llama-3.1-Nemotron-70B-Instruct, a free open-source AI model that surpassed competitors in key benchmarks, reflecting a strategic shift towards AI software dominance using Meta Platforms Inc.'s META framework.
“Dogecoin Up 28% Over The Past Week And Major Bitcoin Move Could Send It Beyond $0.50, Says Veteran Trader,” by Khyathi Dalal, highlights bullish predictions from two traders who foresee Dogecoin DOGE/USD surging beyond $0.50 if Bitcoin BTC/USD breaks crucial levels, pointing to historical trends and money flow indicators supporting the meme coin's upward momentum.
“Plug Power, EVgo, Enovix: Analyst Clean Tech Picks For Navigating Election Exposure, Hedging Uncertainty,” by Surbhi Jain, covers a JPMorgan analyst’s recommendations for navigating election-related market volatility, highlighting Plug Power Inc. PLUG and EVgo Inc. EVGO for potential upside, while suggesting Enovix Corp. ENVX as a safer hedge given its focus on consumer electronics and non-U.S. markets.
For additional bullish calls of the past week, check out the following:
Palantir Stock Moves Higher On L3Harris Partnership: What You Need To Know
US Economy Eyes 3.4% Growth In Q3: Is Soft Landing Turning Into Reacceleration?
The Bears
“Goldman Sachs Predicts Bleak Long-Term S&P 500 Returns As Market Concentration Hits ‘Highest Level In 100 Years’,” by Piero Cingari, outlines Goldman Sachs' forecast of only 3% annualized returns for the S&P 500 over the next decade, warning that extreme market concentration driven by Apple Inc. AAPL and others could severely limit growth compared to the past decade’s 13% return.
“Lucid CEO Throws Cold Water On Tesla’s Robotaxi Vision, Says Self-Driving Cars Won’t Happen ‘Till The 2030s’,” by Chris Katje, highlights Peter Rawlinson's doubts about the immediate future of self-driving cars, predicting widespread deployment no sooner than the 2030s and critiquing Tesla Inc. TSLA and Elon Musk's autonomous ambitions.
“Peter Schiff Predicts A ‘Bloodbath’ For MicroStrategy Stock, Calls It The Most Overvalued On MSCI World Index,” by Aniket Verma, reports on Peter Schiff's warning that MicroStrategy Inc. MSTR is significantly overvalued within the MSCI World Index, expecting a dramatic crash due to its heavy reliance on Bitcoin BTC holdings and speculative strategies.
For more bearish takes, be sure to see these posts:
Five US Banks Face Billions In Losses As Silver’s Price Spike Hits Short Sellers Hard: Report
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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