Friday is typically the least volatile trading day of the week on low volume. Still, Amazon’s (AMZN) founder, Jeff Bezos, sold $2 billion in Amazon shares earlier in the week. He sold more after that, netting $6 billion.
Bezos moved to Miami before selling. This will save him from paying a 7% capital gains tax, imposed in Washington.
In the speculative SPAC space, watch DWAC stock today. The SEC said that it would allow Donald Trump’s media and technology firm to merge via a “blank check” SPAC. Now valued at up to $10 billion, the social media app, Truth Social, could compete with X, now known as Twitter. It is unlikely to pose a major threat to Meta Platform’s (META) Facebook and Instagram.
In the AI sector, speculation on Nvidia (NVDA) might rise today ahead of its earnings report on Feb. 21. The stock rewarded shareholders with a 50% gain YTD. The company is worth $1.8 trillion. This is over 9 times bigger than Intel (INTC) at $186.2 billion and six times bigger than AMD (AMD), worth $285.6 billion in market capitalization. Speculators may maximize profits on Nvidia through options.
The AI hype that started in late 2022 will not fade today. OpenAI is introducing an AI model that will convert text into video. This could accelerate YouTube’s obsolesce. Alphabet (GOOG) stock, which fell 2.17% on Thursday, is barely holding onto its uptrend.
