Momentum Monday... AI AI OMG

And Much Ado About Breadth

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Welcome back to Momentum Monday!

In today’s episode of Momentum Monday, Ivanhoff and I discuss the following:  

  • Last week in review and does breadth matter

  • Howard’s ideas -AI helps the dominant content companies

  • Rates and small-caps

  • The money is moving from TV to influencers so prepare for more polarization

Reminder: Riley on my team created the ‘Trends With No Friends’ email which is my go to list every day to track what is working and what is not. You can get it for free here.

In This Episode, We Cover:

Last week in review (0:00)

Howard’s ideas (3:18)

Rates and small-caps (11:35)

All things content (14:25)

Wrap up (16:00)

Here are Ivanhoff’s thoughts:

The stock market is bifurcated. While small caps Russell 2k is flat for the year, the Nasdaq 100 is at all-time highs and up 17%. 

Most stocks related to AI continue to shine. 

NVDA is at the center of it. It is up 900% since January of 2023 and keeps making new all-time highs. The winner is taking it all because Nvidia’s competitors, AMD and Intel are falling way behind.

AI server stock, HPE made new all-time highs last week. The other stocks in the space have also done well. DELL sold off after their last earnings report and it is starting to hold near its 50dma – it could be a potential stage for a bounce if the market remains stable. SMCI had a big jump last week and it is setting up for a potential test of 900.

AVGO crushed earnings estimates and made new all-time highs. ANET moves in sympathy and it is also there. ARM and QCOM are also near all-time highs.

AI data centers need memory. MU is at all-time highs. They also need transistors – COHR is at 52-week highs and probably headed for all-time highs at some point.

Cybersecurity is likely to be the biggest threat and opportunity with AI. CRWD is at all-time highs. PANW and CYBR are setting up for potential breakouts.

Amazon, Google, Microsoft, and Meta are at the forefront of AI. All of them are near all-time highs. Even Apple woke up and had one of its best weeks. 

The market remains excited about anything AI-related. The dips in those names continue to get bought. Lately, there haven’t been many dips to buy. Mostly straight-up action in the AI space. It remains to be seen if anything will change because the rest of the market is not having a great time right now. It’s a market of stocks environment.

And here are the charts discussed:

PS - Here is the latest ‘Trends With No Friends’ which covers ‘new highs and new lows’ and measures the followers (friends) on Stocktwits versus the prices. Subscribe here.


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