1. Euphoria Alert: Nvidia’s CEO Just Picked the Next Trillion-Dollar Company
Nvidia’s CEO, Jensen Huang, called Marvell Technology the next trillion-dollar company.
As we write this, MRVL stock is up around 17% and was up as much as 24% earlier.
You might say, “What’s wrong with that?” But you must keep the bigger picture in mind. Not too long ago, UBS came out and said Micron could more than double. MU stock surged.
This is the market showing its hand.
This is called optimism and entering borderline euphoria. FOMO is very real these days. There’s essentially no one who thinks anything can go wrong.
That’s what makes this so scary.
2. Copper’s Record Run: Something Bigger May Be Brewing
Copper shouldn’t be overlooked. There’s something happening here.
Yesterday, copper closed above $6.50, and it’s rallying again this morning.
Several catalysts are at play in the near term: improving sentiment around China, Electrification, AI, Supply constraints (including acid supply issues)
Copper is now trading in record territory. Watch for a potential short squeeze…if there are any shorts left.
But caution is required. Copper is a growth metal. The big question is: does the global economy continue growing over the next few years, or does it experience a hiccup before then?
3. Jobs Data Takes Center Stage
We get the U.S. JOLTS report today.
Keep in mind, this is another report that tells us how the job market is looking. In fact, it’s a leading indicator of what could be ahead.
On Friday, we get the number of jobs added in both the U.S. and Canada.
Canada:10,000 jobs expected. Also, Bank of Canada rate decision next Wednesday (June 10)
U.S.: 85,000 jobs expected
Watch for increasing noise around stagflation.
4. Bitcoin Breakdown: Is More Pain Ahead?
Bitcoin is reacting exactly as we discussed yesterday. The break below $75,000 was not healthy whatsoever.
At the moment, none of the major arguments for crypto are gaining traction: store of value, inflation hedge, alternative currency, crypto reserves, adoption, blockchain growth, etc.
Nothing is really working or gaining meaningful momentum right now.
What’s ahead? The $65,000-$63,000 range is a major support zone for Bitcoin. If that level breaks, the odds of additional downside increase significantly. The next major stop may not be until $51,000.
We think AI is stealing crypto’s thunder.
5. Investing 101: Don’t Let AI Give You Tunnel Vision
While everyone is chasing AI. It is certainly the hottest thing in town, but it doesn’t mean nothing else is happening.
If you are investing for the long term, one of the most important things is to avoid tunnel vision. There are thousands of companies across countless industries and sectors.
There are also thousands of ETFs that provide exposure to almost any investment theme you can think of.
It’s hard not to get caught up in whatever is dominating the headlines. But remember: there are plenty of other opportunities developing beneath the surface.
It’s not all AI.