Cisco’s AI orders from hyperscalers accelerate

A ton of volatile retail darlings are getting crushed on Wednesday.

And the hot momentum-seeking money seems to be flowing out of those speculative pockets of the market and back into gold.

Daily call volumes in the SPDR Gold Shares ETF had already outstripped 1 million by 1:10 p.m. ET on Wednesday, roughly triple their 334,000 average over the last 10 full sessions.

As of 1:30 p.m. ET, retail traders had poured $82.4 million into commodity ETFs, per JPMorgan strategist Arun Jain — inflows that are in the 95th percentile relative to their one-year average.

Retail had been exiting gold in late October, per JPMorgan data, after a torrid run in the price action and trading activity in precious metals were exactly what you’d expect from a meme stock.

Shares of luxury EV maker Lucid are down about 97% from their all-time highs in 2021, and the stock isn’t exactly showing signs of improvement.

The stock was down about 6.5% and on pace for its lowest closing price ever Wednesday following an announcement that it plans to raise $875 million through a private offering of convertible senior notes due in 2031. Earlier this year, Lucid raised $1.1 billion through an offering of convertible senior notes due in 2030.

The stock’s previous lowest close ever was September 4, after Lucid executed a big reverse stock split, at $16.16.

In its third-quarter earnings report, which was released last week, Lucid posted an adjusted net loss of more than $828 million, significantly deeper than Wall Street expected. The company reported negative free cash flow of $955 million for the quarter.

US-listed ADRs of Sony reached their highest point since the early 2000s on Wednesday as investors continued to digest the tech giant’s second-quarter earnings results.

On Tuesday, Sony reported that it had sold 3.9 million PlayStation 5s in the quarter ended September 30 — a period that included a $50 US price hike. That sales figure moves the 5-year-old console’s lifetime sales number (now 84.2 million) ahead of Microsoft’s Xbox 360 and just shy of the PS3. The PS5 is still narrowly behind the sales pace of the PS4.

During a State of Play showcase on Tuesday evening, Sony announced it would begin selling a Japanese-language-only version of the console for about 25% cheaper than the standard version. The move mirrors Nintendo’s Switch 2 pricing strategy from earlier this year, when it priced the new handheld console about 35% cheaper in Japan than in the US.