With the odds rising on an inaugural approval by the Securities and Exchange Commission of the first spot price-based bitcoin ETF, that counts Blackrock, the world's largest asset manager among applicants, hopes are running high on increased enthusiasm over bitcoin trading and that has spreaded over to $Coinbase Global, Inc.(COIN)$ whose stock price has skyrocketed over 240% year to date. Coinbase is the largest cryptocurrency exchange in the United States by trading volume and has been a proxy play for cryptocurrencies, as it benefits from increased trading on cryptocurrencies as they emerge from earlier crypto winter after a series of crypto-related failures. Investors have since regained confidence in the risky assets.
Approaching festive season and releases of blockbuster movies do not appear to have helped $AMC Entertainment(AMC)$ whose overhang from the stock dilution continues to rattle its share price. AMC had shot to fame after it gathered much fanfare from the meme theme whereby retail traders made use of social media to drive up prices of beaten-down stocks and force short-sellers scrambling for covers. Nevertheless, hype over meme stocks has since subsided and fundamentals have since returned to the market, so that AMC that has been struggling under deteriorating fundamentals has fallen from grace.
$Palantir Technologies Inc.(PLTR)$ and $C3.ai, Inc.(AI)$ are clear winners of the hype over artificial intelligence, as their stock prices shot through the roof with gains over 200% and 160% year to date respectively. I believe that their momentum still has room to climb, as the duo has been launching new AI applications and services, especially Palantir that has been announcing new deals for the defense industry amidst prevailing geopolitical conflicts. Accordingly, I'm also optimistic about the semiconductor industry $Semiconductor Bull 3X Shares(SOXL)$ that counts the AI bellwether Nvidia among its heavy weights and which has been developing and building the semiconductor chips to propel the AI engines. As the semiconductor emerges from its prevailing slump, I believe that AI will help to drive the next phase of growth for the semiconductor market.
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