The S&P 500 managed to TEST the 5,000 mark yesterday, but couldn’t quite close there (4,997.91 for those keeping score). Stock futures are up slightly in the early going today, so we’ll see if we get a proverbial strong Friday close. In other markets, gold, silver, and crude oil are mixed. Treasuries and the dollar are flat.
One key takeaway from this earnings season: Advertising dollars are increasingly flowing to the biggest of Big Tech players. Global digital ad spend is forecasted to rise 13.2% this year, dwarfing the 2.4% growth in traditional ad spending. Amazon (AMZN) reported a 27% rise in digital ad revenue in the most recent quarter. Meta Platforms (META) saw a 24% gain, while Alphabet (GOOGL) notched an 11% rise.
S&P 500 5K: Close, But No Cigar (Yet)
Source: Yahoo Finance
How much money does OpenAI CEO Sam Altman want to raise to boost manufacturing capacity of advanced semiconductors – and power the Artificial Intelligence industry forward? Try up to $7 TRILLION!
It’s hard for companies to get their hands on advanced graphics processing units (GPUs) used to power the model education process behind AI. So Altman is seeking more investors to raise more money to create more chipmaking capacity. Suffice it to say that target is wildly ambitious, what with global chip sales only $527 billion in 2023. But where there’s a will there’s likely a way to at least raise SOME of it, given AI’s popularity.
Finally, the Super Bowl is just two days away. The San Francisco 49ers will face off against the Kansas City Chiefs on Sunday at 6:30 pm Eastern, 3:30 pm in Las Vegas where the game will be held for the first time at Allegiant Stadium. It looks to be the most expensive game ever, with tickets going for just under $9,000 each on secondary markets this week. And that’s before flights, hotel rooms, and other expenses at a time when providers jack up prices to capitalize on the mania!