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Today in the Market (5/20/2024)

Good Morning! On Monday, U.S. equities rose, with the Nasdaq reaching a new record high, increasing 0.65%, driven by the strong performance of Nvidia (NVDA). The S&P 500 also finished the day up by 0.09%, while the Dow Jones fell by 0.49%.

AI + PCs

Microsoft (MSFT) announced a new category of personal computers known as Copilot+ PCs. These are a new type of machines that are fitted with so-called AI PC chips and are able to run the most recent version of Windows 11 and the Copilot AI software developed by Microsoft.

So what is so special about these Copilot+ PCs? Microsoft said that its Copilot+ personal computers would now operate on OpenAI’s GPT-4o framework. This integration will let the assistant communicate with your computer using text, video, and voice. Additionally, users will have the ability to share their screen with Copilot and engage in a discussion with the application in a natural way.

Perfect timing? Microsoft is intensifying its efforts to promote PCs as the PC industry begins to recover after experiencing two years of decline. On top of that, The announcements made by Microsoft come only a few weeks before Apple (AAPL), which is anticipated to introduce its own AI capabilities across its product lines, including the iPhone and Mac, at its WWDC developer event on June 10.

GOLD AND SILVER HIT NEW RECORDS!

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During early morning trading, gold futures traded close to $2,450 per ounce, shattering prior nominal highs achieved in April before trimming gains. In addition, the price of silver reached its highest level since the latter half of 2012, hovering just around $32 per ounce on Monday.

But why? The price of gold has seen a significant increase in the last few months due to the anticipation of a decrease in interest rates by the Federal Reserve, as well as high demand from central banks and purchasers in Asia. However, silver has shown superior performance compared to gold in recent weeks, with a 35% increase this year, while gold has only risen by 18%.

Why is silver increasing faster? In contrast to gold, silver is also used in the industrial sector, namely in the production of solar panel cells. According to recent statistics from the Silver Institute, a nonprofit organization that serves the industry, industry demand reached a new high in 2023 for the third year in a row. However, this makes the growth of silver potentially sensitive to economic fluctuations, similar to how copper prices are affected by economic fluctuations.

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