NEWS
AMD: Hey, We're Still Here Guys

That’s seven days in a row for the NASDAQ and the S&P 500 closing in the green. They both hit new all-time highs again today. SOXX, the semiconductors ETF, also hit new all-time highs. And if things keep moving, hell, the DJIA might even find some new highs. But is this all just the rip before the dip? Tomorrow’s inflation data is the catalyst on everyone’s radar. Let’s see what you missed. 👀

Today's issue covers AMD’s big AI deal, a possible Congressional trading ban, and a monster breakthrough for one of the worst effing diseases in the world. 📰

Here's today's heat map:

11 of 11 sectors closed green. Technology (+1.63%) led, & financials (+0.42%) lagged. 💚

The Atlanta Fed GDPNow estimate for Q2 growth jumped to 2.0% from 1.5%, following recent data releases. This rise marks a positive shift after a series of declines, driven by stronger personal consumption and private domestic investment growth. 📈

The EIA reported a bigger-than-expected draw in crude oil inventory, with a drop of 3.443 million barrels versus an estimate of 1.333 million. Gasoline inventory also saw a significant draw, while distillates posted a larger-than-expected build. Crude production increased slightly to 13.3 million barrels per day. 🛢️

Wholesale sales in May rose by 0.4%, exceeding the expected 0.1% increase. Inventories also grew by 0.6%, matching expectations. This positive data could bolster Q2 GDP estimates and adds optimism for Q3. 📊

OPEC kept its world oil demand forecasts steady for 2024 and 2025, with growth expected at 2.25 million barrels per day in 2024 and 1.85 million barrels per day in 2025. Meanwhile, Russian production and OPEC's own production both decreased in June. 🌍

Mortgage applications fell by 0.2% for the week ending July 5, with refinancing activity dragging down the numbers despite a slight rise in purchase activity. The 30-year mortgage rate edged down to 7.00%. The housing market sentiment remains subdued. 🏠

After the market closed, Costco announced that they are raising its annual fees by a whopping five bucks. It closed slightly lower by -0.29% today, but after hours its up +2.63%. 📦️ 

During his testimony before the Senate Agriculture Committee, CFTC Chairman Rostin Behnam said 70-80% of cryptocurrencies are not securities. He also cited an Illinois court that identified Bitcoin and Ethereum as commodities, not securities. 🤯

Other active symbols: $MAXN ($-15.00%), $TSLA (+0.35%), $GME (+1.50%), $NVDA (+2.70%), $HOLO (-20.43%), $BTC (+0.61%), and $KZIA (+248.02%). 🔥

Here are the closing prices: 

NEWS
AMD’s $665M AI Deal 🤖

$AMD just dropped $665 million to scoop up Silo AI, Europe's biggest private AI lab, making it clear they’re not here to play second fiddle to Nvidia ($NVDA). 🎻 

This Helsinki-based gem, with customers like Allianz ($AZSEY), Unilever ($UL), and Rolls-Royce, now falls under AMD’s Artificial Intelligence Group, with Silo AI's CEO Peter Sarlin still at the helm.

The acquisition is AMD’s priciest AI bet yet, following a year of strategic investments in AI firms like Mipsology and Nod.ai. And the latest buy from AMD isn’t just about the hardware and software - it’s the people. What kind of people? Oh, 300-ish AI experts and a metric crap ton (125) of Ph.D.s. 👩‍🔬 

In case anyone forgot, AMD isn’t a rookie in AI. They’re hustling hard to expand their hardware and software arsenal, with the MI300 accelerators expected to rake in $4 billion this year.

Sure, Nvidia’s $100 billion from its data center chip business is daunting, but AMD is showing it’s a major player. Don’t forget about them—they’re far from second fiddle. 🚀

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