Mirror, mirror on the wall, who's the fairest of them all?
With the likes of Nvidia, Microsoft and Google's parent Alphabet being the poster boys for artificial intelligence, $Palantir Technologies Inc.(PLTR)$ , $C3.ai, Inc.(AI)$ and $Tesla Motors(TSLA)$ have been relatively overlooked for their AI initiatives. In fact, Elon Musk has touted that Tesla should not be viewed as an automaker, but rather as a digital platform with artificial intelligence set to drive its next phase of growth. The EV maker, though ELon Musk may not like it to be called as such, has unveiled huge spending plans on various projects including AI. Likewise, PLTR and C3.ai have been riding on the AI frenzy as companies rush to automate their operations and digitise their businesses. The duo stands to benefit from their enterprise-scale AI applications that are highly sought after for acceleration of digital transformations.
$AMC Entertainment(AMC)$ is heaving a relief as odds are improving that its creditors may accept a debt extension to the troubled movie-theatre chain. Separately, in a SEC filing, AMC had announced that it would not be renewing a $225 million senior secured revolving-credit facility and had paid off any remaining obligations related to the credit facility. Adding to that disclosure is a dismissal of bankruptcy by its CEO to allay worries over the company's viability as a going concern. These are giving AMC more time to implement its turnaround strategy to stay competitive amidst rising competition from online streaming service providers such as Netflix, Amazon and Disney, and remain relevant post pandemic.
$Coinbase Global, Inc.(COIN)$ has been weighed under the prevailing correction in the cryptocurrency market lately as it struggles to regain its recent height amidst expectation of interest rates staying higher for longer on the back of a sticky inflation, resulting in some investors ditching risky investments in their flight to relative safety. Nevertheless, expectations of rate cuts in the later part of this year should help to support its stock price as lower borrowing costs will encourage trading of risky assets like cryptocurrencies, while Coinbase also benefits from increased trading volume on cryptocurrencies by the bitcoin spot ETFs. Hence, the prevailing price weakness of Coinbase may present an opportunity for a proxy play on the cryptocurrency market.
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