Forty-two is the answer to life, the universe, and everything in Douglas Adams’ classic “The Hitchhiker’s Guide to the Galaxy.” It’s also the number of unsupervised Robotaxis Tesla has on the road in Texas, the only state where it’s operating autonomous service, according to a new database in the state. Don’t panic if you want to ride in one and live outside the Lone Star State: CEO Elon Musk said earlier in May that a wider rollout will happen by the end of the year.
The S&P 500 and Nasdaq 100 set new record closing highs on Friday, while the Russell 2000 dipped. The S&P 500 gained for the ninth straight week, its longest winning run since 2023.
🧠 Keep yourself sharp with our Snacks Seven Quiz. Here’s the first question:
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- “Supply is now expected to remain tight through 2027, sustaining elevated margins and thus warranting valuation re-rating,” he wrote, per Bloomberg.
- It’s the fifth time in the past year that the average price target on Micron has gone up by more than 10% in a week.
- UBS’s Tim Arcuri more than tripled his price target on Micron earlier last week, and has already lost the title of “most bullish.”
- But even as analysts are tripping over themselves to raise their price targets on memory stocks, the ferocity of the rally in Micron has outpaced their best efforts.
- The high-bandwidth memory specialist traded at a record premium to the consensus Wall Street price target this week, based on data going back to 2008.
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Now that’s all well and good for Micron, but a report from JPMorgan strategist Arun Jain last week does remind us that if anything, the Street has been late to this one.
“In single stocks, retail has unsurprisingly outperformed benchmarks over the past month or so, consistent with a concentrated tilt toward MU, AMD, and NVDA,” Jain wrote. Retail’s been onto Micron for ages.
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According to Jain, retail investors’ stock picks are trouncing strategies that would employ dollar-cost averaging into the tech-heavy Nasdaq 100 and even the best-performing slices of the AI trade so far this year. Of course, as the old saying goes, don’t confuse brains with a bull market. But there’s another saying that tells us to make hay while the sun shines — and it seems retail traders are making some serious hay.
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Stories we’re obsessed with |
- Trump tariffs return? Qualifying for USMCA-related lower tariffs may soon require more US-made vehicle components, according to The Wall Street Journal, which reported the Trump administration is planning to introduce a 50% US content requirement for vehicles covered by the trade pact to receive lower tariffs, measured by cost. Overall, Tesla will likely have the easiest time qualifying for any stricter requirements, as its cars already average 84% US content. We’ve charted how the field stacks up here.
- BlackBerry is on one of its hottest rallies of all time. You read that right. Shares of once-upon-a-time smartphone giant BlackBerry are up more than 160% over the past three months. The only times the shares have had a hotter run of form than this were at the tail end of the dot-com bubble and in early 2021, when it was part of the meme stock craze headlined by GameStop. There are two reasons this has happened in the past and both could explain why it’s happening now.
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*Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.
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