The Federal Reserve is expected to cut interest rates in its meeting this week, with markets assigning a nearly 100% probability of a quarter percentage point reduction. The interest rate is currently targeted between 4%-4.25%. Decisions will also need to be made regarding the future path of reductions and the lack of economic data.
In the tech and pharmaceutical world, Nvidia and Eli Lilly are partnering to create what they call the pharmaceutical industry’s “most powerful” supercomputer for drug development. This partnership has resulted in Nvidia’s shares rallying about 5%. Furthermore, Eli Lilly is ramping up production of its weight loss pill, orforglipron, which is expected to launch next year.
CleanSpark, a bitcoin miner, has additionally expanded into artificial intelligence (AI), developing AI data centers and recently acquiring a 100-megawatt site in Cheyenne, Wyoming, for the project.
Meanwhile, Amazon has announced its decision to cut 4% of its corporate jobs to invest in AI. However, Jim Cramer encourages investors to focus on Amazon’s cloud unit, Amazon Web Services, which he suggests will have a significant impact on lifting the stock after months of underperformance.
In terms of stocks, Cramer has highlighted a selection from San Francisco that have performed well in the past three months. These include Nektar Therapeutics, Sunrun, The RealReal and Planet Labs.
On the negative side, gold has been identified as entering correction territory due to reduced investor fears around China tensions, the Federal Reserve’s independence, and an artificial intelligence bubble. Finally, concerns have been raised regarding tense US-Chinese relations as US military officials have been asked to sign non-disclosure agreements involved with increasing operations in Latin America.
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The Fed has a rate cut plus a bunch of other things on its plate this week. Here’s what to expect
Eli Lilly is stockpiling its weight loss pill, plus Nvidia reveals new partners
Why bitcoin miner CleanSpark beat Microsoft for Wyoming AI data center deal, and what it means for crypto mining’s future
Eli Lilly, Nvidia partner to build supercomputer, AI factory for drug discovery and development
Lucid targets industry-first self-driving car technology with Nvidia
Jensen Huang says Nvidia’s AI chips are now being manufactured in Arizona
U.S. military officials required to sign NDAs tied to Latin America mission: Reuters
Cramer: Amazon layoffs will help costs, but growth in this one area is what’s needed most
Gold enters correction territory as global investors stop worrying as much about China tensions, Fed independence, AI bubble
San Francisco is making a comeback. So are these stocks from the City by the Bay