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The Santa Claus Rally commenced on Christmas Eve, with major indices closing higher, led by a 7.4% surge in Tesla. MicroStrategy's stock rose 7.8% as it seeks shareholder approval to increase its Class A common stock to fund significant bitcoin purchases, aiming for $42 billion by 2026. Analyst Gautam Chhugani anticipates further market recognition for MicroStrategy, especially with its recent Nasdaq-100 inclusion and potential S&P 500 entry by 2025.
U.S. stock markets rallied on Tuesday, with the S&P 500 up 0.8% and the Dow Jones Industrial Average gaining 273 points ahead of an early closure at 12 p.m. CT for Christmas Eve. Notable gains included Tesla rising 5.1% and Broadcom increasing by 2.9%. Markets will remain closed on Wednesday, with several economic reports expected later in the week.
U.S. stock futures are mixed as traders anticipate a potential "Santa Claus Rally" amid a quiet holiday week. President Biden's signing of a stopgap funding measure has eased political uncertainty, while Honda and Nissan are moving towards a significant business integration. Additionally, high-profile changes to the Nasdaq 100 index take effect today, with MicroStrategy, Palantir Technologies, and Axon Enterprise joining the index.
MicroStrategy has appointed former Binance.US CEO Brian Brooks, along with Jane Dietze and Gregg Winiarski, to its board of directors, expanding the board to nine members. This announcement follows MicroStrategy's inclusion in the Nasdaq-100 Index, effective December 23. Brooks, who previously served as acting Comptroller of the Currency, is noted for his significant connections in the banking and crypto sectors.
Intel's stock is currently undervalued, trading at just 1.6 times sales and 0.9 times book value, despite significant investments in chip-making infrastructure. The company is pivoting towards a foundry business model, which could lead to substantial long-term growth as demand for AI hardware rises. While it may not regain its former dominance, Intel is positioned for potential market-beating returns in the coming years.
Super Micro Computer has faced significant challenges, including a delayed annual report, the resignation of its auditor, and an accounting probe, leading to its removal from the Nasdaq-100. Despite these issues, an analyst predicts a potential 174% upside for the stock, driven by strong demand for its data center infrastructure, particularly with Nvidia's GPUs. However, uncertainties remain until the company resolves its accounting concerns and files its annual report.
The S&P 500 rose 0.4% on December 16, driven by tech stocks ahead of the Federal Reserve's interest-rate announcement. Broadcom surged 11.2% following strong AI sales, while Tesla's stock jumped 6.1% amid optimism for its self-driving technology. Conversely, Super Micro Computer plummeted 8.3% after its removal from the Nasdaq 100 and plans for a capital raise.
The S&P 500 and Nasdaq Composite reached new highs, while the Dow faced its eighth consecutive loss as investors await the Federal Open Market Committee's interest rate decision. Despite a positive trend in new highs, breadth data indicates underlying market weakness, with more decliners than advancers. Nvidia's stock correction continues, raising concerns about future sales, yet analysts remain optimistic about tech stocks' growth driven by the AI Revolution.
The Nasdaq reached a record high as investors anticipated a Federal Reserve rate cut, with a 95.4% probability for a 25 basis point reduction. The S&P 500 also rose, buoyed by gains in major tech stocks, while economic indicators showed a decline in manufacturing activity. Retail sales data is expected to provide further insights ahead of the Fed's decision.
MicroStrategy's stock surged nearly 5% following its announcement of acquiring an additional 15,350 bitcoins for $1.5 billion, bringing its total holdings to approximately 440,000 bitcoins. The company will also join the Nasdaq 100 on December 23, replacing three other firms. Despite skepticism from some analysts regarding its strategy, MicroStrategy's shares have skyrocketed over 580% this year.
Super Micro Computer, Inc.
Companies
| Symbol | SMCI |
| Name | Super Micro Computer, Inc. |
| Currency | USD |
| Sector | Information Technology |
| IndustryGroup | Technology Hardware & Equipment |
| Industry | Technology Hardware, Storage & Peripherals |
| Market | NASDAQ Global Select |
| Country | United States |
| State | CA |
| City | San Jose |
| Zipcode | 95131 |
| Website | http://www.supermicro.com |
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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