As the DJIA, S&P 500 and NASDAQ composite indices flirt with their all-time highs, hopes are running high that the US stock markets will end this year on a high note. In the coming holiday-shortened trading week, I'm hopeful that Santa Claus will bring more cheers to the markets.
The drum beats are hastening as the cryptocurrency market watches closely for approval by the Securities and Exchange Commission of the inaugural spot price-based bitcoin Exchange-Traded Fund. Blackrock, which is among fund managers that have submitted applications for the bitcoin ETF on spot pricing, has just amended its application to conform with SEC's requirements as the parties continue to engage in discussions to bridge the gaps. The stars appear to be aligning on an eventual approval, while the cryptocurrency market has sent bitcoin price to new peak since the crypto winter. Likewise, $Coinbase Global, Inc.(COIN)$ has risen over 400% so far this year on buoyant hopes for the spot price bitcoin ETF approval, and I believe the stock price will continue to march forward as we approach the D-day.
With an upbeat outlook by Micron on a rebound soon chip demand after a year-long slump of the semiconductor market. The growing hype of artificial intelligence has also been bolstering AI stocks such as $C3.ai, Inc.(AI)$ that have seen explosive demands for their AI products and services, and lending a hand to the semiconductor industry recovery, as rising demands for AI chips are slated to drive the next phase of growth of the semiconductor market. Hence, I'm increasingly optimistic that $Semiconductor Bull 3X Shares(SOXL)$ will have the momentum to charge further ahead in the coming months.
With no end in sight on the prevailing geopolitical conflicts, $Palantir Technologies Inc.(PLTR)$ has also become the poster boy on big data analytics, as Palantir Technologies has managed to secure major US defense contracts, as the world looks to highly sophisticated data analytics as part of its intelligence to preempt national security threats.
$TENCENT(00700)$ has just lost over $43 billion in its market value after regulators introduced guidelines of new curbs on the Chinese gaming industry in order to rein in excessive gaming and related spending in Tencent's domestic and globally largest gaming market. While the pessimism is justified, I think that the selling may have been overdone on knee-jerk reaction and I suspect that there will be some short-term rebound in Tencent stock price when calm returns to the market as it awaits more details on the curb implementation.
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