Nasdaq leads US futures higher as GameStop soars

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• Mon Jun 3, 2024 4:52 AM MST

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  Ford CEO to Yahoo Finance on EV gains

  Ford (F) CEO Jim Farley told me in a new episode of Yahoo Finance’s “Opening Bid” podcast that he has a date in mind when Ford will start making money from electric cars.

  But he wouldn’t share it with me at a sit-down in Detroit! Ford is expected to lose about $5 billion in its EV division this year.

  However, I did appreciate that Farley is focused on running a profitable EV business, and that includes streamlining costs and bringing back aggressive timelines for EV factory construction.

  You can watch the full episode below, or listen on all major podcast platforms including Spotify, Apple, Amazon, Pandora and iHeartmedia.

• 

  Mon Jun 3, 2024 2:42 AM MST

  Nvidia continues to move forward on a sentimental level

  Nvidia (NVDA) shares are seeing a 3% pop pre-market after another well-received presentation from founder Jensen Huang, this time at Computex in Taipei.

  Most importantly, Nvidia unveiled its next generation AI chips, called Rubin. This is impressive considering Nvidia just announced new AI chips in March.

  “We view all four announcements as a great representation of Nvidia’s efforts to lean into its existing dominance in AI accelerators to establish a robust presence in what for the company is a largely untapped combined, accelerated computing market has totaled $1 trillion plus moving from AI networking to the largely CPU-centric server market,” said Citi analyst Atik Malik in a client note.

  Unsurprisingly, Malik maintained a buy rating on Nvidia stock.

  Stay up to date with Nvidia through Yahoo Finance’s recent exclusive interview with Huang.

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  Mon Jun 3, 2024 2:33 AM MST

  The atmosphere around software stocks after Salesforce is a shock

  Last week’s Salesforce (CRM) earnings left a bad taste in the mouths of tech bulls.

  So much so that they voiced their concerns at a closely watched Jefferies technology conference in Newport Beach late last week.

  Here are a few key takeaways from Jefferies tech analyst Brent Thill:

  • “Macro headwinds persist. Investor sentiment in the software sector remains negative as companies point to the difficult macro environment. Weakness was broadly spread across front office, back office, large enterprises and small companies. Workday (WDAY) and Salesforce both pointed to weak growth in EMEA.”

  • “AI is crowding the market. Despite the industry’s long-term tailwinds around AI, investors have seen short-term budgets shift away from software as companies focus on intermediates and hardware.”

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  Mon Jun 3, 2024 at 2:25 AM MST

  June reminder for stocks

  June is the second-worst performing month of the year for the S&P 500 over the past fifteen years.

  Useful chart from BTIG this morning.

  

• 

  Mon Jun 3, 2024 2:21 AM MST

  GameStop explodes

  And so the week begins….

  Shares of GameStop (GME) are up 85% pre-market (as much as 103%) after meme overlord Keith Gill appeared to reveal a $116 million position in the video game retailer on Reddit. It was his first post in three years.

  Note that the message could not be verified, similar to the message posted from his X account a few weeks ago.

  All I can say is: be careful with this one!

  The real play is to do some research on Reddit (RDDT), given the increased activity on the platform. Start your research mission here.