3/14/25

Stocks surge by most since day after US election

Well, I guess we can call it an uncorrection, for now.

The S&P 500 closed 10% below its all-time high with a rip-roaring 2.1% gain, its best day since November 6, when investors enthusiastically greeted President Trump’s election victory. The Nasdaq 100 and Russell 2000 did even better, closing up 2.5%.

However, it was still the fourth straight negative week for the benchmark US stock index, which hasn’t happened since August.

Every S&P 500 sector ETF finished higher on Friday, and most by more than 1%. Healthcare and consumer staples were the laggards, while tech was up 3% and energy, financials, and consumer discretionary were up 2% or more.

Ulta Beauty was the best performer on the S&P 500 after greatly exceeding earnings expectations.

Momentum stocks were back on the menu. Nvidia surged as Hon Hai (Foxconn) suggested that its AI server business could soon generate more revenues than its consumer electronics division. Super Micro Computer and Palantir were also among the biggest gainers.

Quantum computing stocks mooned after D-Wave Quantum reported massive bookings in the fourth quarter, a green shoot for commercialization prospects in the space.

Peloton climbed after Cannacord upgraded the stock from hold to buy, seeing sufficient upside after recent declines.

Kering, owner of Gucci (among others), slumped after tapping Demna Gvasalia as its creative director, a controversial hire that has not been well received by the market.

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markets

2m

CoreWeave soars on $6.3 billion cloud computing purchasing agreement with Nvidia

Shares of CoreWeave are flying higher in early trading after the company struck an agreement with Nvidia that will see the chip designer purchase all of CoreWeave’s unused cloud computing capacity through April 13, 2032.

The new order has an initial value of $6.3 billion, per a filing from CoreWeave that outlines this modification to its April 2023 services deal with Nvidia.

Securing access to cloud computing capacity has been the hot topic in the AI space, which was underscored by last week’s deal between Microsoft and Nebius as well as Oracle’s mammoth pipeline of sales, thanks in large part to OpenAI.

As such, it strikes me as a bit odd that this particular agreement for CoreWeave — securing full utilization of its cloud computing capacity, which everyone seems to want and where demand appears to outstrip supply — is such a big deal, but hey.

Nvidia has secured a high degree of vertical integration throughout the AI ecosystem through its equity positions and partnerships with cloud computing and data center companies.

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J. Edward Moreno

3m

Novo Nordisk’s GLP-1 pill gets EU approval for cardiovascular benefits

Novo Nordisk rose in early trading after it announced that European regulators approved its diabetes pill to be marketed for cardiovascular benefits as well.

Rybelsus — a pill version of semaglutide, the active ingredient in Ozempic and Wegovy — will now list cardiovascular benefits on its label in the European Union. In the US, the Food and Drug Administration is expected to decide on adding the cardiovascular indication for Rybelsus later this year.

Wegovy, Novo’s blockbuster weight-loss shot, is approved to treat cardiovascular conditions in the US and EU. Expanding the conditions Novo’s drugs can be prescribed for could help the Danish pharmaceutical giant spark growth as it faces pressure from Eli Lilly’s competitor drugs.

markets

35m

Investors pour into Joby and Archer after White House announces air taxi pilot program participation

On Friday, Transportation Secretary Sean Duffy announced the creation of a new FAA pilot program aimed at speeding up the development of “advanced air mobility” vehicles, including electric air taxis made by Joby Aviation and Archer Aviation.

Joby shares climbed more than 5% in premarket trading on Monday, after closing up 2% on Friday. Archer shares rose 7% in the premarket, following a 3% jump. Both companies announced their plans to participate in the eVTOL Integration Pilot Program (eIPP), which the FAA says will include at least five projects and run for three years.

Both companies have been burning cash as they work toward FAA certification to kick off their commercial air taxi businesses in the US. Joby last month said it’s 70% complete with the fourth stage of its five-stage certification process.

The eIPP was first hinted at in President Trump’s June executive order, aimed at speeding up adoption of the electric vertical takeoff aircraft.

markets

38m

IonQ rises on wave of Wall Street love following its Analyst Day event

IONQ’s Analyst Day event at the New York Stock Exchange on Friday was a major catalyst for the quantum computing space.

Its stock spiked 18% on the final session of last week, leading a charge that saw peers Rigetti Computing up 14%, D-Wave Quantum gain 7.5%, and Quantum Computing rise 7%.

Analysts obviously liked what they heard. Shares are up again in early trading on Monday, with IonQ’s price target hiked:

to $80 from $60 by Needham,
to $75 from $61 by B Riley Securities, and
to $60 from $45 by Cantor Fitzgerald.

“IonQ is the only company in the industry to have quantum computing, quantum networking and quantum security under one roof,” wrote Needham analyst N. Quinn Bolton, who has a “buy” rating on the shares. “Management highlighted the US Department of War recently stated ‘Cryptographically relevant quantum computers may be possible in as soon as three years.’ This fact is driving growing interest in the company’s QKD [quantum key distribution] systems.”

The company also announced on Friday that it received regulatory approval for its purchase of British startup Oxford Ionics and expects the deal to close shortly.

“We believe Oxford Ionic’s Electronic Qubit Control is a highly differentiated technology that not only enables significantly greater scalability but also enables higher fidelity and faster gate speeds,” Bolton added.

Eric Jackson on the “radical change” and “big swings” coming from Opendoor’s new management

We caught up with Eric Jackson at the Independent Investor Summit in New York City on Friday to discuss Opendoor Technologies.

Eric Jackson in conversation with Anthony Pompliano at the Independent Investor Summit in New York

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