Will the tech bulls press on next week?
Cryptocurrencies need a new catalyst to propel their next upward moves, and the highly anticipated launches of spot ethereum ETF launches may just be that catalyst. The reality that interest rates may stay higher for longer is also weighing on the cryptocurrency market. As a proxy play for cryptocurrencies, the largest listed cryptocurrency exchange $Coinbase Global, Inc.(COIN)$ has been riding on buoyant cryptocurrency prices this year, though recent risk-off from the higher-for-longer rate has resulted in profit-taking. Even though bitcoin has fallen from its peak lately, there remain strong advocates like Robert Kiyosaki, the famous author of the Rich Dad Poor Dad series of personal finance books. I think Coinbase may be testing its support level before heading for another upward run when spot ethereum ETF launches are announced.
$Palantir Technologies Inc.(PLTR)$ and $C3.ai, Inc.(AI)$ have been riding on the AI frenzy as companies rush to digitize their businesses and automate their operations and look to AI to help to drive efficiency. Among the first movers in launching their AI solutions, the duo stands to benefit from their enterprise AI applications that are highly sought after as adoption of AI gains traction. In fact, with more and more companies jumping onto the AI bandwagon, billions are being spent by the big techs on semiconductor chips to train and drive their AI engines. With demands for AI chips outstripping supply by $NVIDIA Corp(NVDA)$ despite the hefty prices of its AI chips, the rush for high-performance computing and generative AI solutions is poised to drive the next phase of growth of the semiconductor industry $Direxion Daily Semiconductors Bull 3x Shares(SOXL)$ . Nvidia has just joined the three-trillion dollar club and may just emerge as the company with the highest capitalization value soon, overtaking Microsoft and Apple, as the AI frenzy continues.
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