OpenAI revenue rip, Apple Intelligence, DOJ targets Nvidia, PetroDollar Ends
By @0xHooi
Chief Investment Strategist
The below is the opinion of the authors. Any conclusions are their own. This should not be considered as investment advice. Investing involves the risk of loss and returns are not guaranteed.
1.) Apple's Game-Changing Entry into the AI Race
This week, Apple unveiled its new Apple Intelligence system at WWDC 2024, aiming to create a hyper-personalized AI assistant for everyday tasks, driving potential upgrade supercycles for the latest iPhone models. Initially, the launch seemed underwhelming, but subsequent analyst upgrades boosted AAPL stock by 6.5%. Apple Intelligence, developed in collaboration with OpenAI, integrates ChatGPT into Siri and other AI-powered tools, leveraging advanced models for content generation and more.
Singular’s Take: This marks Apple's significant entry into the AI race, joining other tech giants and setting the stage for a transformative future in personal AI.
2.) Nvidia’s DOJ Probe
The U.S. Department of Justice (DOJ) has opened an antitrust investigation into Nvidia, signifying the chipmaker’s significant influence in the AI space. Despite the probe, Nvidia’s stock remains stable, reflecting confidence in its market position. Experts suggest this investigation, driven by Nvidia’s control over up to 90% of the chip market, underscores its dominance and mirrors past antitrust scrutiny faced by giants like Microsoft.
Singular’s Take: Nvidia’s collaboration with top AI companies and its cutting-edge chip technology further cement its status as a leader, with the DOJ’s involvement highlighting its critical role in the tech industry.
3.) End of PetroDollar after 80 Years
The landmark US-Saudi Arabia petrodollar agreement, established in 1974, has ended, allowing Saudi Arabia to trade oil in multiple currencies. This pivotal deal, which facilitated the exchange of US dollars for crude oil exports, has significantly influenced global finance. Initially designed to stabilize the oil market and support the dollar’s dominance, its expiration marks a major shift in global financial dynamics, potentially weakening the US dollar’s hegemony as Saudi Arabia considers trading in alternative currencies like the yuan, euros, and digital currencies such as Bitcoin.
Singular’s Take: The petrodollar agreement post-1973 oil crisis ensured Saudi Arabia priced oil in U.S. dollars and invested surplus revenues in U.S. Treasury bonds, securing mutual benefits of stable oil supply for the U.S. and economic protection for Saudi Arabia.
Bonus: Roaring Kitty Bets Big on GameStop
Keith Gill, also known as Roaring Kitty, has sold all his GameStop (GME) call options and purchased an additional 4 million shares, increasing his total holdings to 9 million shares. His average entry price is $23.41 per share, currently yielding him a profit of $51 million. This move positions him as the fourth largest GameStop shareholder globally, matching the share count that CEO Ryan Cohen held in 2020.
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