Jan 24th, 2024 – The Dow Jones fell 26 basis points today, whilst the NASDAQ and S&P 500 instead grew 0.36% and 0.08% respectively, as Nvidia and other large cap tech companies continue their meteoric rise.
Portfolio holding IBM (IBM) (Purchased 0.1693 units @ $151.04) rose today, increasing more than 5% in the post market following the release of their fourth quarter earnings. The company netted $3.3 billion in income or $3.55 per share, with expectations being $2.9 billion in income and $2.96 per share. The firm’s executives cited a sharp increase in Artificial Intelligence demand as the backbone to this outstanding quarterly performance.
Furthermore, portfolio holding Nvidia (NVDA) (Purchased 0.2773 units @ $471.73) further rallied today, adding 2.49%. The company has performed phenomenally so far this year, and has been one of the portfolio’s best stocks, with a whopping 30.5% profit (only preceded by PANW where we are currently up 38.8%). Nvidia’s stock has risen 24.3% so far this year. It jumped on the announcement from Mark Zuckerberg that Meta is “spending billions” on Nvidia GPUs.
Another portfolio holding, Eli Lilly (LLY) (Purchased 0.2 units @ $582.99), had a positive performance today, as it increased 1.16%. The company’s CEO David Ricks recently stated that prescriptions for their Zep Bound drug were up to 25000 a week, 4 times what they were at the beginning of December. So far, both Eli Lilly and their rival, Novo Nordisk, have netted us profit, 8.7% and 5.07% respectively, we are still extremely bullish on both narratives and are willing to hold on to the stocks until liquidation, in order to best capitalize on the growth coming from the new GLP-1 medications.
Author: Stefano Rizzi