Stock market today: Nadaq leads stocks higher with S&P 500 record high in reach

Key Points

• Nvidia (NVDA) shares surged over 2% in early trading, poised to surpass its previous record high of $149.43 from January, reflecting a strong recovery.
• The stock has risen more than 12% since the May 28 earnings report, which exceeded Wall Street expectations despite a China export ban impacting revenue.
• Loop Capital raised its price target for Nvidia to $250, suggesting a potential market cap of $6 trillion, driven by its monopoly in AI chip technology.
• Challenges remain, including competition from Huawei in China and concerns over sustained AI infrastructure demand amidst high Big Tech spending.
• Nvidia's recovery was bolstered by deals with Saudi Arabia and the UAE for AI chip supplies, briefly making it the world's most valuable company in June.

Summary

Nvidia (NVDA) shares climbed over 2% in early trading, nearing a new record high above $149.43, marking a significant rebound from earlier struggles in 2023. The AI chipmaker's stock surged 12% since its May 28 earnings report, which outperformed Wall Street forecasts despite a China export ban costing billions in lost revenue. Loop Capital raised its price target to $250, projecting a potential $6 trillion market cap, citing Nvidia's dominance in AI chip technology. However, challenges persist with competition from Huawei in China and uncertainty over sustained AI infrastructure demand as Big Tech spending outpaces revenue. Earlier setbacks included stock drops due to Trump's trade policies and a cheap Chinese AI model, with shares hitting a low of $94 in April. Nvidia's recovery was supported by major deals with Saudi Arabia and the UAE, briefly overtaking Microsoft as the world's most valuable company in June. Meanwhile, tech stocks, including Intel and Broadcom, also rallied, with investor inflows into tech reaching a peak not seen since June 2024, as the Nasdaq indices hit record levels.

Key Points

• Shiba Inu (SHIB) is a popular meme coin with a $6.6 billion market cap, known for extreme volatility and entertainment value.
• SHIB has seen significant gains in the past, like a 1,000% surge in 2021, but also major losses, such as a 50% drop in 2024.
• Beyond financial potential, SHIB offers social connection and fun, especially through meme coin communities.
• Bitcoin (BTC), with a $2 trillion market cap, is considered a superior long-term investment due to its reputation and widespread adoption.
• While SHIB can be a playful investment, Bitcoin is likened to gold as a safer, more stable asset for wealth-building.

Summary

Shiba Inu (SHIB), a prominent meme coin with a $6.6 billion market cap, has experienced a turbulent 2024, losing about 50% of its value by June 23. Despite this, the article highlights two reasons to consider buying SHIB before 2025: its potential for high volatility-driven gains, as seen in a 1,000% surge in 2021, and its role as a source of entertainment and social connection, especially through meme coin communities. However, the piece cautions that SHIB is best suited for those with extra cash seeking fun rather than serious investment. In contrast, Bitcoin (BTC), with a $2 trillion market cap, is presented as a superior long-term asset. As the first cryptocurrency, Bitcoin holds a unique reputational advantage and widespread acceptance among investors, akin to gold’s status as a safe haven. While SHIB’s allure lies in its speculative excitement and social aspects, Bitcoin is recommended for those focused on building wealth over decades due to its stability and established value. The article ultimately suggests that while SHIB can be a playful addition to a portfolio, Bitcoin remains the better choice for serious, long-term investment strategies.

Key Points

• dLocal and BVNK have partnered to enable stablecoin-based payouts across over 40 global markets, enhancing cross-border payment efficiency. **
• BVNK will provide dLocal with stablecoin payment rails for faster settlements, while dLocal offers BVNK access to its Layer1 platform for fiat payouts in emerging markets. **
• The collaboration allows customers to use stablecoins for payments, with funds delivered in local currencies, focusing on regions like Africa, Asia, and Latin America. **
• This partnership builds on a relationship started in 2016, combining blockchain-based value transfer with regulated fiat settlement systems. **
• Both companies aim to improve settlement times and access, ensuring compliance and seamless value transfer in complex markets.

Summary

dLocal, a cross-border payment platform specializing in emerging markets, has partnered with BVNK, a stablecoin payments infrastructure provider, to facilitate stablecoin-based payouts across more than 40 global markets. This collaboration enables faster settlements for dLocal’s merchant base through BVNK’s stablecoin payment rails, while dLocal provides BVNK access to its Layer1 platform for fiat payouts, expanding BVNK’s reach in regions like Africa, Asia, and Latin America. Customers can now use stablecoins for cross-border payments, with funds delivered in local currencies. The partnership, rooted in a relationship established in 2016, integrates blockchain technology with regulated fiat systems to enhance payment efficiency without compromising compliance. dLocal’s CRO, John O’Brien, emphasized the focus on faster, borderless payments, while BVNK’s co-founder, Chris Harmse, highlighted the goal of creating a programmable payments network for seamless value transfer in complex markets. This strategic alliance strengthens both companies’ positions in the global payments landscape, particularly in emerging economies across APAC, the Middle East, Latin America, and Africa, where dLocal connects merchants with consumers, and BVNK supports financial services with stablecoin infrastructure and partnerships with major players like Worldpay and Deel.