S&P 500 closes at new record high 🚀

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Good Afternoon! 

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

Today’s Closing Bell Roundup is sponsored by Percent.

Here’s what moved the market today.

Markets 📈

The S&P 500 closed at a new record high on Wednesday thanks to broad gains in U.S. stocks. The Nasdaq was the biggest winner, with the small-cap Russell 2K pulling up second.

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Market-Moving News 🔎 

Nvidia Surpasses Apple in Market Cap 📈

Nvidia's [NVDA +5.1%] remarkable ascent in the stock market saw it surpass Apple in market capitalization on Wednesday, securing its position as the second-most valuable public company in the U.S., trailing only behind Microsoft. The chipmaker's meteoric rise reflects investors' bullish outlook on its pivotal role in the artificial intelligence revolution.

Nvidia Milestone 💰
Achieving a significant milestone, Nvidia crossed the $3 trillion market cap mark, fueled by a surge of over 5% in its share price. With a market value of $3.019 trillion at market close, Nvidia's rapid growth trajectory solidifies its position as a dominant force in the tech industry.

Rapid Growth 🚀
Investors continue to flock to Nvidia, buoyed by its impressive first-quarter earnings report and its unparalleled market share in AI chips for data centers. The company's data center business witnessed a staggering 427% revenue increase year-over-year, garnering widespread confidence in its ability to sustain substantial growth.

Apple's Challenge 🍏
While Nvidia thrives, Apple faces challenges stemming from stagnant sales growth and strategic uncertainties. With its shares up only 5% this year, Apple grapples with declining iPhone sales and lingering concerns about demand in key markets, including China.

Tech Titans ⚙️
The reshuffling of market cap rankings underscores the evolving dynamics in the tech sector. Apple, once the frontrunner in market valuation, now faces stiff competition from Nvidia and Microsoft, both of which benefit from growing investor interest in AI infrastructure and related technologies.

Evolution & Volatility 🔄
From its origins in gaming hardware to its current dominance in AI and data center solutions, Nvidia's journey has been marked by significant evolution and volatility. The company's strategic pivot towards AI has propelled its stock to unprecedented heights, with shares surging over 3,290% in the past five years.

Actelis Networks [ASNS] $3.72 (+691%)
landed a deal to deploy its “cyber-hardened” networking technology to three U.S. military bases.

WalkMe [WKME] $13.78 (+42.9%)
received an offer to be acquired by SAP [SAP +2.4%] in an all-cash deal worth roughly $1.5 billion.

Moving Images Tech [MITQ] $1.00 (+42.8%)
was awarded a new Alamo Drafthouse project for a new Georgetown location in Indianapolis, IN.

Logistic Properties [LPA] $31.64 (82.8%)
suffered a massive pullback after a brief rebound rally earlier in the week. There has been no news to explain the sudden volatility.

Silo Pharma [SILO] $1.20 (46.6%)
announced a $2 million registered direct offering priced at-the-market under Nasdaq rules.

MicroAlgo [MLGO] $6.97 (41.9%)
pulled back after rallying 656% in Tuesday’s session, following its announcement of a partnership with WiMi Hologram Cloud.

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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