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April 9, 2024 at 10:32 pm | 2 min read |
Crypto Whales on the Rise – Are You?
New research shows the return of the biggest crypto buyers and this time? They can hold out the possibility that Bitcoin will surpass $100,000 in 2024. You don't want to miss the next huge bull run for cryptocurrencies as we saw in 2020 and 2021. To find out exactly what's going on and what to buy… Get access to Benzinga's best crypto research and investments for just $1.
Jim Cramer, a market commentator at CNBC, recently shared his thoughts on Tuesday's market activity. He believes that stocks are like… Nvidia company (NASDAQ: NVDA) and Eli Lilly & Company (NYSE:LLY), which has seen a decline, still has growth potential.
What happened: Cramer notes that despite the losses, these stocks have a lot to offer. He pointed out that these stocks rose significantly to the point that they became vulnerable to market fluctuations. mentioned CNBC.
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He said: “For the stocks that fell today, everything is going in their favor, except that they have already risen to the point that they are at risk.”
He cited Nvidia as an example, which saw a slight decline of more than 2% by Tuesday's close. He attributed this to concerns about competition from Intel Corporation. He also mentioned Eli Lilly and Company stock, which fell 2.6% on Tuesday. Kramer believes that this decline is unjustified, given the company's recent announcement of the start of construction of a new factory in Germany.
Cramer also suggested that tax season played a role in determining the market's performance on Tuesday. “What a great time to take some profits from winning stocks to pay for stock gains,” he said, adding that if you own stocks that have fallen, there will be no taxes to pay and therefore no tax-related selling pressure.
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why does it matter?: The stock market has seen a long-term bull run, with expectations for a 34% rise by the end of 2026, according to Bank of America. Cramer has previously encouraged investors to view potential market declines as opportunities rather than threats.
Intel's recent launch of the Gaudi 3 accelerator, which aims to improve the performance of enterprise GenAI applications, has intensified competition in the AI landscape. This may be a contributing factor to Nvidia's recent decline.
Moreover, the growing energy consumption of AI data centers, which could reach a quarter of US energy requirements by 2030, could also impact the performance of AI-focused companies like Nvidia.
Price movement: As of now, Nvidia is trading at $853.54, down 2.04% today but up 77.20% year-to-date. Meanwhile, Eli Lilly is at $757.24, with a daily decline of 2.58% but a year-to-date increase of 27.87%, according to the data. From Benzinga Pro.
Read next: Here's how much Trump will lose after newly listed DJT stock erased all gains since its public debut
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Crypto Whales on the Rise – Are You?
New research shows the return of the biggest crypto buyers and this time? They can hold out the possibility that Bitcoin will surpass $100,000 in 2024. You don't want to miss the next huge bull run for cryptocurrencies as we saw in 2020 and 2021. To find out exactly what's going on and what to buy… Get access to Benzinga's best crypto research and investments for just $1.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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