Market review from UTEX — week 35

Major U.S. indices closed the week in the red: the SPY fell 1.37%, while the Nasdaq lost 2.41%. Top gainers included Merck (+12%) and BHP Group (+11%). The week's rocket was Moderna, which surged 129% following news of its successful melanoma vaccine trial. The most notable declines came in Arm Holdings (-12%), Intel (-12%), and Walmart (-10%).

The cryptocurrency market showed strong growth, driven by a combination of large-scale inflows from the U.S. Treasury and statements from Trump. On August 19, the President met with representatives of the crypto and financial industries at the White House and once again called on lawmakers to pass a "fair version" of the CLARITY Act. Bitcoin surged 25%, reaching nearly $80,000 and triggering a cascade of short liquidations. BTC is currently trading at $77,350, while Ethereum is at $2,440, up 29% over 7 days.

On Wednesday, preliminary Q2 U.S. GDP data will be released, followed by the PCE inflation gauge on Friday — a key metric often cited by the Fed. Also on Friday, Fed Chair Kevin Warsh will speak at the annual Jackson Hole Economic Symposium. Investors will be looking for hints on the future trajectory of monetary policy and interest rates.

The most anticipated event of the week is Nvidia's earnings report on Wednesday after the close. Any significant surprise in the report could have ripple effects across the semiconductor and AI markets. Also reporting in the coming days: CrowdStrike, Salesforce, Marvell Technology, Autodesk, Workday, PDD Holdings, Intuit, and Synopsys.

Top trading ideas for this week

🔴 Crypto stocks: Strategy (MSTR), Coinbase Global (COIN), BitMine (BMNR), Circle Internet Group (CRCL). Trump called on Congress to pass the CLARITY Act. Cryptocurrencies showed strong growth last week, and crypto stocks rebounded from their lows by an average of 25%. Given how far these stocks are from their highs, there is still decent medium‑term potential. We expect elevated volatility.

🔴 Marvell Technology (MRVL). Report on August 27 after market close. One of the beneficiaries of the AI boom in networking chips and data infrastructure. On August 19, Marvell disclosed an agreement with Google to develop semiconductor products. The giant was also granted a warrant to purchase up to 58.97 million MRVL shares at $206.58 per share. Marvell is up 198% over six months, and we expect high volatility after the report.

🔴 Nvidia (NVDA). Report on August 26 after market close. Several significant news items came out over the summer. CEO Jensen Huang announced a new chip for AI agents, the company made progress in efforts to sell chips in China, and it closed deals to finance data center construction. A lot depends on Nvidia's results for the broader market — a significant portion of recent economic growth has been driven by AI infrastructure build‑out, investments in chips, memory technology, energy infrastructure, and even construction equipment. The investments are so large that the Fed is tracking their impact on inflation. Investment banks remain bullish. For example, Bank of America maintains a "Buy" rating with a $350 price target.

🔴 Intuit (INTU). Report on August 25 after market close. A developer of financial and tax software for small businesses and individuals. The stock is down 47% since the start of the year, but it has entered an uptrend over the last month and is starting to recover. Medium‑term prices look quite attractive, but it's better to wait for the report and the company's guidance. In May, the company laid off about 17% of its staff to reallocate resources toward AI. Investors will be evaluating the full‑year guidance, the pace of generative AI integration (including AI assistants in QuickBooks and TurboTax), and margins following the recent restructuring.

🔴 Rubrik (RBRK). Report on August 27 after market close. A cloud‑based cybersecurity and data management company. +99% over six months, with the stock approaching all‑time highs. The company has fully transitioned to a SaaS subscription model, providing stable recurring revenue. We expect strong moves in the stock after the report.

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