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Surf is up for the bulls for now, can US CPI spoil the fun?
Podcast 20 minutes to read
Résumé: Today, a look at the strong close to the equity market action on Friday and the ongoing speculative fervor in key areas of the market, with Bitcoin pushing near all time highs today. Also: a look at Apple's big comeback above its 200-day moving average and its massive pivot into AI, with all of the risks and opportunities that brings. Lithium and lithium stocks are a hot topic as well after China shutdown a key mine for three months. Looking ahead, we wonder if the US CPI release tomorrow can throw some cold water on the markets. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy.
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Today’s links
Nasdaq runs down what has been a very strong earnings season, with a bit on what is in store for Q3.
Apple is in the throes of a massive pivot into AI across its devices and services - massive risk but also huge opportunities if it can extend its ecosystem to even more profoundly envelope its faithful users with across the board AI assistance. This Bloomberg article covers a lot of what is at stake for the company, though I need to find a better thought piece on what AI looks like in the future - any suggestions very appreciated!
World’s largest EV battery maker has suspended the operation of its largest lithium mining for at least three months, shutting down 6% of global production. Some life in lithium stocks on this news and on the rebound in lithium prices off June lows - see Piedmont Lithium below in the Chart of the Day.
There are now nearly 500 AI unicorns and 1,300 AI centimillioni-corns. Disruption is coming to an industry and job description near you!
Bloomberg again - this time on Bank of America and its basket of AI losers - not all are named here, but some inspiration on what companies currently are, or are seen eventually likely to suffer disruption from the further rise of AI.
Chart of the Day - Piedmont Lithium (PLL)
This is a very small lithium-focused mineral exploration and mining company with a market cap of less than USD 200 million, and only began producing revenue in 2023. The company had its roots in Australia before redomiciling to the US before its listing. It has a mine and processing facilities to purify the lithium in North Carolina (note some environmental concerns that could constrain production) has a joint operation agreement with a lithium producer in Quebec Canada, is moving forward on a project in Ghana. The recent uptick in the share price may be linked to a recovery in lithium prices after a multi-year low in June. And all lithium-related stocks are up heavily in pre-market hours today after the news of the CATL mine closure. The biggest North American lithium-associated name, Albemarle (ALB), is up some 11% as of this writing.
Questions and comments, please!
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