Markets
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Luke Kawa

AI stocks linked to OpenAI are rallying in a reversal of recent trends

The AI pendulum appears to be swinging back in the other direction, at least for one day.

The TL;DR trade within AI has recently been “long Google and its supply chain partners, short anything closely affiliated with OpenAI.”

As we discussed yesterday, the Google ecosystem has been booming, while key OpenAI suppliers and investors have been languishing.

Today, we’re seeing a bit of a reversal in that seeming pair trade — and, in what’s very positive for markets on the whole, this is being driven by the outperformance of the OpenAI-linked cohort rather than intense pain for the Google group.

Nvidia, CoreWeave, Oracle, and Advanced Micro Devices are all trading well to the upside in early trading. Meanwhile, Google is modestly lower, and Broadcom and Lumentum are in the green, though not by as much as most of the OpenAI-linked suite of stocks.

“With the trillions set to be spent over the coming years many Big Tech players will benefit besides Nvidia on the chip front... that should not be mistaken for Nvidia being the indisputable Rocky Balboa champion of the AI Revolution and that is not changing any time soon on the chip front,” wrote Wedbush Securities analyst Dan Ives.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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Meta surges on report it’s starting a cloud business to sell excess AI compute

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