Peter Navarro’s Weekly Market Wrap, June 2, 2023 --AI on a Tear
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Hi. Peter Navarro here with this week’s economy and market wrap. Both a deal on the debt limit and a Friday’s job report help spark a market rally; and the broad market Standard & Poor’s 500 index closed above 4200 -- breaking the key resistance level. Meanwhile, the NASDAQ is up for five straight weeks on an absolutely white-hot artificial intelligence boom.
A key thing here is that the computers that are needed to grind out AI algorithms and data have an enormous appetite for high-end computer chips. The King of this hill is Nvidia (NVDA), which we noted last week was on an absolute tear.
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