Semiconductor industry overview
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The Magnificent 7's share of the SP500 just hit another all-time high of 32%.
This is 12 percentage points higher than at the beginning of 2023. The weight of these 7 stocks in the index has almost DOUBLED in just over 4 years. This comes as the 3 largest stocks, Apple, Microsoft, and Nvidia, are all officially worth over $3 trillion. Meanwhile, the technology sector just hit another all-time high relative to the S&P 500. Tech is becoming even more dominant. Source: Bloomberg, The Kobeissi Letter
In the first three weeks of May, OpenAI’s ChatGPT averaged 77 million daily visits, putting it on track to reach 2.3 billion visits last month
A new monthly record after setting its previous record of 1.8 billion visits a year ago. Source: Beth Kindig $MSFT $NVDA $GOOG $AMZN
Tech CEOs are the new modern day rockstars $NVDA
Source: Trendspider
Nailed it
Source: Michel A.Arouet
The current earnings season has largely been a rough one for cloud software providers.
Source: Win Smart, Factset
Software stocks got hammered yesterday.
iShares Tech Software Sector ETF finished -5.8% (biggest daily drop since the pandemic w/Salesforce DOWN 20% (worst session in ~20 years), UiPath -35%, Okta -6%, Mongo DB -24%. Source: Bloomberg, HolgerZ
Chinese BYD launches plug-in hybrids with a 2100 km driving range
Source: WSJ
