- Elite Trade Club
- Posts
- AI Superboom could skyrocket this stock 🚀
AI Superboom could skyrocket this stock 🚀
The overlooked stock could be on course for a massive breakout in the weeks ahead.
Good Morning!
It's Chris from Elite Trade Club, here to give you this morning's premarket trading news.
Let’s get ready to trade!
Markets 📈
Stocks edged lower on Wednesday after minutes from May’s Federal Reserve meeting showed policymakers are concerned about inflation’s resilience.
|
|
Futures are on the rise in early trading. S&P 500 contracts are up 0.6% in early premarket trading.
What to Watch Today:
NVIDIA had another blowout quarterly report in Wednesday’s aftermarket, and futures are already getting a boost from the news. The chip company’s strong report could help sustain the hype surrounding the AI sector and boost the broader market as a result.
AI has already outpaced human capabilities, and this dynamic stock could poised to lead the charge in this booming industry.
It has already outperformed AI’s from several leading companies, and the Smart Money is beginning to take notice.
It could be on course for explosive growth in the months ahead, and it’s still trading at “ground floor” prices.
But, this trade is moving fast, so don’t wait.
» Want an Ad-Free Experience + Top Growth Stock Picks? Upgrade Now!
Premarket Highlights 🔎
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/971f428a-56a1-4527-99e8-810abc84afa5/Screenshot_2024-05-23_at_6.30.26_AM.png?t=1716467436)
Nvidia CEO & Co-Founder Jensen Huang at the 2024 Nvidia GPU Technology Conference. (©2024 David Paul Morris | Bloomberg | Getty Images)
💥 Nvidia's AI Boom Continues
Nvidia's [NVDA] remarkable ascent is being propelled by its staggering 427% growth in the data center segment, fueled by surging demand for its AI processors. The company's recent performance underscores its pivotal role in powering AI-driven applications across various industries.
IAI Profitability 📈
With Nvidia signaling that its clients can derive significant returns from AI investments, concerns about the sustainability of AI spending are alleviated. This reassurance suggests that the AI boom, now transitioning beyond its nascent stages, holds promising prospects for continued expansion.
Market Dynamics 🌐
Cloud providers remain Nvidia's primary customers, accounting for a substantial portion of its data center revenue. Additionally, a burgeoning ecosystem of GPU-focused startups is leveraging Nvidia's technology to offer GPU cloud services, catering to the needs of AI developers worldwide.
Optimistic Outlook 🔮
Following Nvidia's robust earnings report, CFO Colette Kress highlighted the immediate and substantial returns seen by cloud providers investing in Nvidia hardware. Moreover, the introduction of newer, more advanced GPU products further reinforces Nvidia's position in the AI hardware market.
Anticipated Growth 🚀
Nvidia's aggressive timeline for its next-generation GPU, coupled with its strong customer base, signals sustained growth momentum. The company's announcement of a 10-for-1 stock split reflects its confidence in future prospects, driving a significant surge in its stock price.
As Nvidia continues to innovate and expand its presence in the AI landscape, investors remain bullish on the company's long-term growth trajectory.
Featured Earnings 💰️
Medtronic PLC [MDT] ... AM
NetEase [NTES] ... AM
Ralph Lauren [RL] ... AM
BJ's Wholesale Club Holdings [BJ] ... AM
Hamilton Lane [HLNE] ... AM
Bilibili [BILI] ... AM
Intuit [INTU] ... PM
Workday [WDAY] ... PM
Ross Stores [ROST] ... PM
PagSeguro Digital [PAGS] ... PM
Economy 🏗
Initial jobless claims [May] ... 8:30a
S&P flash U.S. services PMI [May] ... 9:45a
S&P flash U.S. manufacturing PMI [May] ... 9:45a
New home sales [Apr] ... 10:00a
Atlanta Fed President Raphael Bostic speaks ...3:00p
Running Hot 🔥
Gainers
Zoomcar [ZCAR] >> +77.1%
Onemednet [ONMD] >> +141%
iSpecimen [ISPC] >> +21.5%
Decliners
Barnes & Noble Ed [BNED] >> (33.4%)
MGO Global [MGOL] >> (30.1%)
Akoustis [AKTS] >> (29.8%)
OneMedNet [ONMD] - Last Close: $0.49
Healthcare data aggregator OneMedNet just announced a five-fold expansion of its proprietary iRWD™ network and platform.
The company said it can now offer customers seamless access to real-world data for millions of patients and clinical exams.
The YTD increase in partner sites, patients and clinical exams represent growth of 472%, 170% and 122%, respectively, since the end of 2023.
ONMD is up 128.7%, and more than 15 million shares have been traded this morning.
My Take: ONMD could find support at the $1 mark, but it’s still hovering just below that milestone.
Greenwave [GWAV] - Last Close: $2.50
Micro-cap metal recycler Greenwave is surging after announcing the elimination of all of its convertible debt & preferred shares this morning.
The company has eliminated $35.2 million in debt since the start of 2024, including $17.2 million of debt held by the Company's Chairman and CEO.
According to the press release, Greenwave intends to expand its operation on the back of its strengthened balance sheet.
GWAV is up 54.9% on more than 250 million shares traded.
My Take: GWAV got swept up in some meme trading action last week, but shares were back in their normal trading range this week. This news could set it up for another run in the near future.
Ascent Solar [ASTI] - Last Close: $0.1314
This tiny solar stock is rocketing higher after experiencing a huge volume spike this week, despite no company-specific headlines since May 20th.
Last week, the company said it "may” offer shares in a $4.2 million offering through an agent, and volatility has spiked since the announcement.
Shares initially rallied on the news, then pulled back fro three days, before rallying 18.9% on Wednesday.
Now, the trend is continuing, with ASTI up 55.7% on more than 127 million shares traded.
My Take: ASTI is seeing enormous volume considering its entire float is only 30.7 million shares. However, the lack of news is concerning, so keep an eye on your exit door if you want to chase this one.
Netcapital [NCPL] - Last Close: $0.1520
Netcapital is charging to the top of the charts after a volatile few days of trading, despite no company-specific news to explain the moves.
NCPL experienced a steep rally on Wednesday of last week, but it gave up a a good chunk of those gains over the following days’ choppy trading action.
Shares have been volatile since its initial run-up, but it’s making another run in today’s premarket.
NCPL is up 23.8% on over 27 million shares traded.
My Take: There’s a sizable amount of capital targeting micro-float stocks this morning. NCPL has a tiny float of just 20 million shares, so its recent rally could be the result of targeted buying by meme stock raiders.
That's it for today! Thanks for reading, and good luck out there!
Best Regards,
— Chris D.
Elite Trade Club
Text ELITE to 47121 or click here to get our alerts on your mobile device, and never miss another fast-moving stock!
P.S. Just like this newsletter, it's 100% free*, and you can stop at any time by replying STOP.
According to one early A.I. pioneer:
“You can either use this as an unfair advantage to grow your wealth, or you can let it ravage your retirement savings. There’s no middle option.”