Stocks recover from early losses 📈

America's large-cap indexes ran in the red for most of the session, but a late rally lifted them to small gains.

Author

Adam Garcia
June 04, 2024

Good Afternoon! 

Hey, everyone. It's Adam from Elite Trade Club. 

I hope you had a great weekend.

Here’s what moved the market today.

Markets 📈

U.S. large-caps nudged higher on Monday after running in the red for most of the session. The Russell 2K sold off for more than a point.

  • DJIA [+0.3%]

  • S&P 500 [+0.1%]

  • Nasdaq [+0.1%]

  • Russell 2K [-1.2%]

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Market-Moving News 🔎 

CNBC: Elon Musk Put X Corp Ahead of Tesla for Prized Nvidia GPU Chips 🚀

According to a CNBC report citing internal emails, Elon Musk diverted thousands of AI chips initially reserved for Tesla [TSLA] to his privately-held social media venture X.

The incident has raised questions about the allocation of resources and attention across Musk's vast array of ventures. His decision, which critics say could delay Tesla's AI development timeline, highlights the potential conflicts Musk faces in splitting his role as CEO of Tesla with several other ambitious projects.

Tesla Moves ⚡️
News of the diverted AI chips caused a slight decline in Tesla's stock, prompting concerns among shareholders about the implications for the company's AI development and overall strategy. Shareholders are increasingly scrutinizing Musk's actions and decisions, seeking reassurance about Tesla's long-term growth prospects and the fulfillment of its technological promises.

Email Revelations 📧
Internal emails reportedly obtained by CNBC from Nvidia staff have shed light on Musk's prioritization of X's receipt of AI processors over Tesla's needs. These revelations indicate a potential conflict between Musk's commitments to Tesla and his other ventures, raising questions about his ability to effectively manage and prioritize resources across multiple companies.

Shareholder Conflicts ⚠️
The incident has fueled tensions between Musk and some Tesla shareholders, who question whether Musk's involvement in various other ventures may detract from his focus on Tesla's core objectives. Shareholders are seeking clarity and reassurance regarding Tesla's strategic direction and Musk's commitment to fulfilling the company's promises to investors.

Musk's Multifaceted Ventures 🌐
While Musk's involvement in multiple ventures demonstrates his entrepreneurial ambition and vision for the future, it also presents challenges in terms of resource allocation and prioritization.

As Tesla faces hurdles in its growth trajectory, shareholders are closely monitoring Musk's leadership and decision-making to ensure that the company remains on course to achieve its long-term goals.

Top Winners and Losers 🔥

MicroAlgo [MLGO] $12.01 (+669%)
partnered with WiMi Hologram Cloud [WIMI] to create a “micro-consciousness quantum research center.

Vast Renewables [VSTE] $4.49 (+79.6%)
received planning consent for Solar Methanol 1, a CSP-powered reference plant that will produce green fuels in South Australia.

Core Scientific [CORZ] $6.83 (+40.2%)
has reportedly received a $1 billion buyout offer from CoreWeave that values the company at $5.75 per share.

JIADE LTD [JDZG] $1.75 (85.9%)
suddenly pulled back after closing an $8 million initial public offering on May 21st.

Equillium [EQ] $1.06 (27.8%)
published disappointing topline data from a Phase 2 study of EQ101 in alopecia aerata patients.

Maia Biotech [MAIA] $3.76 (26.2%)
published underwhelming clinical data from a Phase 2 study of THIO-101 in non-small cell lung cancer patients.

That's it for today! Please, write us back, and let us know what you think of the Closing Bell Roundup. We're always eager to hear feedback from our members!

Thanks for reading. I'll see you at the next open! 

Best Regards,
— Adam G.
Elite Trade Club

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