Tech bulls falling in
Bitcoin price is attempting to regain its glory above $70,000 support this week after struggling to stay above $60,000 in the recent weeks, reminding its investors of the volatility of cryptocurrencies and weighing on the stock of crypto exchange $Coinbase Global, Inc.(COIN)$ . Nevertheless, Etherium may rejoice on optimism from spot ETF clearance for its launch in the coming months. While Coinbase stock price has retreated from its recent height in March, I expect Coinbase to recover its recent lost ground as trading enthusiasm builds with rising cryptocurrency prices.
$NVIDIA Corp(NVDA)$ had rallied this week on its latest earnings beat and optimistic outlook as demand for its artificial intelligence chips remains strong. $Palantir Technologies Inc.(PLTR)$ and $C3.ai, Inc.(AI)$ have also been riding on the AI frenzy as companies rush to build and enhance AI features and functions in their offerings, while others look to AI in automating their operations and digitising their businesses. With the growing prevalence of AI applications, billions are being spent by the big techs on semiconductor chips to train and drive their AI engines. With demands for AI chips outstripping supplies, the rush for generative AI solutions is poised to drive the next phase of growth of the semiconductor industry $Direxion Daily Semiconductors Bull 3x Shares(SOXL)$ .
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