Benzinga Bulls and Bears: How Nvidia, Apple, and Disney Have Triggered the Recent Boom in Pepe, Dogecoin, and Other Meme Coins
Benzinga has provided a summary of some of the top stories of the week in the stock market. The three major U.S. stock market indexes all gained over 2% this week, closing out the second quarter of 2023 on a positive note. The S&P 500 and Nasdaq experienced their best monthly performance since October, with gains of 6.5% and 6.6% respectively, while the Dow climbed 4.6%. For the second quarter, the S&P 500 rose 8.3%, the Nasdaq jumped 12.8%, and the Dow added 3.4%.
In terms of bullish posts, legendary investor Seth Klarman praised Coinbase and sees potential in the real estate market. Wedbush analyst Daniel Ives believes that Apple is poised for significant growth in the next 12 to 18 months and reached a $3 trillion market cap. The recent resurgence of Bitcoin has sparked a surge in meme coins like Pepe, Dogecoin, and Shiba Inu.
On the bearish side, Future Fund managing partner Gary Black warned that Lucid Group and Rivian Automotive could face bankruptcy. U.S. government export restrictions on AI chips to China could impact companies like Nvidia and potentially boost China’s semiconductor industry. Brandon Nispel of KeyBanc Capital Markets downgraded Walt Disney due to concerns over high domestic Parks expectations, stalled direct-to-consumer subscriber growth, and structural changes in content.
Overall, this week showed positive gains in the stock market, with bullish sentiments on Coinbase, Apple, and Bitcoin, but also cautionary warnings about the future of Lucid Group, Rivian Automotive, Nvidia, and Walt Disney.
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