NVIDIA Rallying Amid Strong AI Demand

Good morning. It's October 14th, and we’ll begin the week by looking at the recent resurgence in NVIDIA, more trouble brewing for Boeing, and a large acquisition in the pharma space.

Previous Close 📈

Stocks ended last week at all-time highs, with the S&P 500 closing above 5,800 for the first time and the Dow also reaching new record levels.

Investors are optimistic after strong third-quarter earnings reports from JPMorgan Chase and Wells Fargo boosted banking profits, propelling the broader market.

Futures

U.S. stock futures are little changed today as investors await key corporate earnings during the week, including those from Bank of America, Goldman Sachs, and Netflix, which could further influence market direction. Economic data releases, including September retail sales and industrial production, are also on the radar for the week.

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What to Watch

Karooooo Ltd. (NASDAQ: KARO) will announce its quarterly earnings after the close of the day’s trade.

Technology

NVIDIA Rallies Amid Strong AI Demand and Blackwell Chip Momentum

NVIDIA’s stock is making a strong comeback, rising 11% this month and nearing its record high, thanks to growing investor confidence in the company’s AI chip, Blackwell.

CEO Jensen Huang confirmed that the Blackwell chip is now in full production, with demand described as “insane.” This reassurance follows delays that initially led to a sell-off, which has since been reversed.

A recent report from Morgan Stanley also highlighted that Blackwell orders are booked out for the next 12 months, reinforcing the market’s confidence in NVIDIA’s future.

This optimism is further supported by strong AI demand, including Microsoft’s increased capital expenditures and advancements from companies like OpenAI and Alphabet.

NVIDIA is expected to see its revenue more than double this fiscal year, with analysts projecting another 44% rise next year. Despite its significant growth, the stock remains attractively valued, trading at 37 times estimated earnings, below its five-year average.

As NVIDIA continues to execute its AI strategy, investors are bullish on its long-term prospects, driven by the increasing demand for AI technology and reasoning-based AI, a new area with significant potential.

Pharmaceuticals

Lundbeck Secures $2.6 Billion Acquisition of Longboard Pharmaceuticals, Expanding Epilepsy Drug Portfolio

Danish pharmaceutical company Lundbeck is acquiring Longboard Pharmaceuticals in a $2.6 billion deal, aiming to expand its pipeline of treatments for rare neurological conditions.

The acquisition will see Lundbeck purchase Longboard’s shares at $60 per share, representing a 54.2% premium to the U.S.-based company’s last closing price of $38.90.

The deal is expected to close in the fourth quarter of this year, following unanimous approval from both companies’ boards.

Longboard’s lead drug candidate, bexicaserin, which targets seizures related to a group of epilepsies, is currently in late-stage development. This acquisition strengthens Lundbeck's position in the neuro-rare-disease space, where effective treatment options remain limited.

Longboard Pharmaceuticals stock is surging by nearly 50% in premarket trading.

Aerospace

Boeing Faces $5 Billion Q3 Loss, Job Cuts as Strike Continues

Boeing announced plans to lay off 17,000 workers, representing 10% of its global workforce, as it grapples with ongoing challenges from a month-long strike and broader financial struggles.

CEO Kelly Ortberg explained that the downsizing is necessary to align with the company’s financial reality, following production halts of key aircraft due to a strike involving 33,000 West Coast workers.

In addition to job cuts, Boeing revealed that it will delay the first deliveries of its 777X jet until 2026, citing development hurdles and the ongoing strike. The company also expects a wider-than-anticipated third-quarter loss of $5 billion, reflecting both defense and commercial plane program setbacks.

Boeing shares are falling 2.26% in premarket trading, while analysts speculate the layoffs may pressure striking workers to reach an agreement. The company estimates that the strike is costing $1 billion per month, placing further strain on Boeing’s financial position.

Amid these challenges, Boeing is also exploring options to raise $10 to $15 billion to maintain its credit rating, as the company faces mounting debt and operational cash flow losses of over $7 billion for 2024’s first half.

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Inventiva S.A. [IVA] - Last Close: $1.89

Inventiva's stock is up 63% in premarket trading today.

The company announced that it has secured financing of up to €348 million.

This funding will be used to support the completion of its Phase 3 NATiV3 trial, which is focused on treating MASH (Metabolic Associated Steatohepatitis), and to prepare for the potential approval and commercialization of its drug candidate, lanifibranor.

The financing includes an immediate €94.1 million, with the remaining funds potentially available as the project progresses.

Tevogen Bio Holdings [TVGN] - Last Close: $0.38

Tevogen Bio's stock is up 110% in premarket trading.

The company made a recent announcement about its revenue potential, which is expected to surpass $1 billion, based on the company's strong pipeline of innovative therapies.

The clinical-stage biotech company focuses on developing off-the-shelf T-cell therapies for infectious diseases, cancers, and other conditions.

Tevogen's CEO, Ryan Saadi, emphasized the company's cost-efficient and fast drug development process, making it a potential model for future biotech innovations.

Jasper Therapeutics [JSPR] - Last Close: $15.01

Jasper Therapeutics' stock is up 15% before the opening bell.

The company announced positive results from its SPOTLIGHT study of briquilimab for chronic inducible urticaria (CIndU).

In the trial, 93% of participants achieved a clinical response, with 83% of those in the higher 120mg dose cohort experiencing complete responses.

No serious side effects were reported, and the drug was well tolerated.

These encouraging results boost confidence in briquilimab’s potential to treat difficult conditions like CIndU, asthma, and other chronic diseases.

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Everything Else

• China faces declining export growth as trade tensions and weak domestic demand impact its economy.

• U.K. grocer Morrisons seeks to extend debt maturities with a £1.2 billion refinancing plan.

• Sub-Saharan Africa's economic growth outlook was downgraded as Sudan's turmoil affects its recovery, says the World Bank.

• Strong demand for advanced chips propelled TSMC's Q3 profit expectations to $9.27 billion.

• Allianz's attempt to secure majority stake in Singapore's Income Insurance fell through, but the government is open to future negotiations.

• S&P Global predicted a tripling of capital spending to $800B by Indian conglomerates.

That’s all for today. Thank you for reading. If you have any feedback, please reply to this email.

Best Regards,

— Adam Garcia
Elite Trade Club

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