NEWS
Market Cap Kings Carry New Highs

The largest tech stocks in the world continue to rally, pushing the large-cap Nasdaq 100 and S&P 500 indexes to new heights. Meanwhile, the small-cap Russell 2000 and price-weighted Dow Jones Industrial Average have been left in the dust. Let’s see what else you missed. 👀

Today's issue covers investors eating up an AI IPO, Netflix joining the tech rally, and the market’s latest and greatest worry. 📰

Here's today's heat map:

4 of 11 sectors closed green. Technology (+0.37%) led, & industrials (-1.01%) lagged. 💚

Consumer sentiment unexpectedly fell to 7-month lows as worries over inflation and weaker incomes, especially among middle and lower-income Americans. 👎

Visa and Mastercard shares inched down on news a New York judge said she will “likely not approve” the $30 billion fee settlement, with opposers saying the temporary solution imposed a “virtually limitless” ban on future claims. 💳

Tesla shares fell today, even as Elon Musk claimed Optimus robots could make Tesla a $25 trillion company, which would be more than half the value of the S&P 500 today ($45.50 trillion) and a quarter of annual global GDP. 😂

Shopify continued its recent rally after Evercore ISI upgraded the stock from in line to outperform, citing its large addressable market. 🛒

Other active symbols: $GME (-1.44%), $ADBE (+14.51%), $SEDG (-7.88%), $SOFI (-5.00%), $AUPH (+5.61%), and $VXRT (-23.67%). 🔥

Here are the closing prices: 

IPOS
Investors Scoop Up Latest AI IPO

Demand for AI-related stocks and assets remains robust, with the latest U.S. initial public offering (IPO) reiterating that trend. 🤑

Google-backed Tempus AI went public on the Nasdaq today, with the healthcare diagnostics company pricing 11 million shares at the top end of its $35 to $37 price range. That allowed it to raise $410 million at a roughly $6 billion valuation.

Shares popped 10% at the open and traded as high as 15% above their initial pricing, closing roughly where they opened. 🔺

As for what the company actually does, it’s applying artificial intelligence and data analysis to help better inform the medical profession.

Its filing stated: “…we endeavor to unlock the true power of precision medicine by creating Intelligent Diagnostics through the practical application of artificial intelligence, or AI, in healthcare. Intelligent Diagnostics use AI, including generative AI, to make laboratory tests more accurate, tailored, and personal. We make tests intelligent by connecting laboratory results to a patient’s own clinical data, thereby personalizing the results.”

Interestingly enough, its founder and CEO Eric Lefkofsky was the co-founder and former CEO of Groupon…which has not been great to public market investors. We’ll see how his fourth public company experience turns out, as he remains the largest shareholder via his VC firm, Lightbank. 👨‍💼

Here’s a quick view of how shares traded, as investors and traders will likely have this one on their radar for the days and weeks ahead. 👀