April 9, 2024 10:32 PM | 2 min read |
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Jim Cramer, CNBC’s market commentator, recently shared his insights on Tuesday’s market activity. He believes that stocks like NVIDIA Corp (NASDAQ:NVDA) and Eli Lilly And Co (NYSE:LLY), which experienced a dip, still hold growth potential.
What Happened: Cramer observed that despite the losses, these stocks have a lot to offer. He noted that these stocks have surged so much that they’ve become susceptible to market volatility, reported CNBC.
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“The stocks that pulled back today have everything going for them, except that they’ve already run so much that they’ve become vulnerable,” he said.
He cited Nvidia as an example, which saw a slight dip of over 2% by Tuesday’s close. This, he attributed to concerns about competition from Intel. He also mentioned Eli Lilly and Company, which fell by 2.6% on Tuesday. Cramer believes this dip is unwarranted, given the company’s recent announcement of starting construction on a new factory in Germany.
Cramer also suggested that tax season played a role in determining Tuesday’s market performance. He stated, “What a terrific time to take some profits of winning stocks to pay for the stocks’ gains,” adding that if you own the stocks that dipped, there would be no taxes to pay, hence no tax-related selling pressure.
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Why It Matters: The stock market has been on a long-term bull rally, with predictions of a 34% surge by the end of 2026, according to Bank of America. Cramer had previously encouraged investors to view potential market pullbacks as opportunities rather than threats.
Intel’s recent launch of the Gaudi 3 accelerator, aimed at enhancing performance for enterprise GenAI applications, has intensified competition in the AI landscape. This could be a contributing factor to Nvidia’s recent dip.
Furthermore, the growing power consumption of AI data centers, which could potentially reach a quarter of the U.S. power requirements by 2030, could also impact the performance of AI-focused companies like Nvidia.
Price Action: As of now, Nvidia is trading at $853.54, down 2.04% today but up 77.20% year-to-date. Meanwhile, Eli Lilly is priced at $757.24, with a daily decrease of 2.58% but a year-to-date increase of 27.87%, according to the data from Benzinga Pro.
Read Next: Here’s How Much Trump Lost After His Newly Listed DJT Stock Erased All Gains Since Public Debut
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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