One of the sectors that got hit hardest in the day's trading was the tech space. Wall Street Journal tech columnist) shares jumped in after-hours trading after reporting better-than-expected second quarter revenue and raising its 2024 profit guidance. Argus Research senior securities analystI'm Josh Lipton for the next half hour.There's a lot to keep track of.That could have been a lot worse concern around a slowing us.
But when you look at what's performed well, it's defensive plays, but there has been some sectors that have done, ok? And I know there's been kind of that hot talk of whether the fed may be kind of steps in here before September.And we talked though to Mohammad Al Rein on the, on the show today. So this is just to say this is normal and a lot of stock market bulls would tell you, there's a chance that we could bounce up from here.
What they're doing is taking their systems and marrying them with other models basically that are already out there, whether it's your commercial models, like your Gemini or your chat GP T or like open source or even their customers that might have, uh, you know, their own, you know, personalized models, you know, basically, so they're not spending big money on developing their own model.
Ethereum, by the way, briefly seeing its biggest single day drop since late 2021 here with more on the state of crypto.So, you know, you look at Bitcoin today, Matt and coming under this pressure.Is it because investors see it as just, you know, it's, it's a very speculative asset because of margin calls.You know, we've seen this before in history.I remember Bitcoin selling off 37% on March 12th, 2020.Those things combine to draw the price down substantially.
They're part of the old world and then they have to catch up on Monday, I'll tell you actually underneath the service we saw, you know, net inflows to our Bitcoin ETF today.They're not sort of paper hands who are folding.We certainly did on B I TB final question here, Matt.Um I it's interesting, Matt how Bitcoin right now seems to be breaking down pretty sharply along these ideological lines, political lines.
I mean, when we made our way through this earnings season it was just interesting the way investors seem to have some new questions about big tech and, and that mega trend of A I Dan, they, they seem to be saying it, it's great that folks are testing A I and experimenting with it.
Um you know, had that, that was the theme of all their reports and three of those four companies, their stocks pretty much has fallen and, and stayed down since they reported.And what, what, what was different about Meta, Dan because, yeah, they reported stock popped.
I think one, we kind of, there was already some smoke in this area about, you know, buzz about, you know, issues with the design and how the performance was doing, possibility could be delayed.They are ahead of the competition by years. Impending Notice of Allegations for Michigan could be brutal & reacting to the preseason Coaches Poll
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