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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Many Wall Street executives are reportedly considering supporting Donald Trump if he becomes the Republican nominee for President over Democratic President Joe Biden. Despite their earlier reluctance, some are accepting the likelihood of Trump's nomination and the possibility of his victory. This change in attitude reflects a strategic decision to align with potential outcomes rather than openly opposing Trump, as they consider the interests of their businesses, investors, and customers. The situation illustrates a pragmatic approach by financial leaders amidst a politically charged environment.

2. Demand for AI chips like those used in GPUs has surged, notably benefiting companies like AMD and Nvidia. AMD's stock rose about 130% in 2023, with investors optimistic about its AI-oriented GPUs challenging Nvidia's dominance and appealing to significant clients like Microsoft and Meta. However, Northland Capital Markets analyst Gus Richard expressed uncertainty about AMD's future stock trajectory, noting "irrational exuberance" in investor expectations for AI chip growth. He forecasts total AI chip revenue of $125 billion by 2027 but points out the current market overestimation and potential factors like U.S. chip export bans to China that might impact growth. Richard anticipates AMD achieving a 13% market share in AI chips by 2027, with a total revenue projection of $45 billion already reflected in its current stock price.

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4. Headlines

   1. The median US household now spends 30% on rent, up from 23% in 2000.

   2. Macy's rejected a $5.8 billion offer from Arkhouse Management and Brigade Capital Management.

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