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Good Morning!
Happy Tuesday! Let’s see what is moving markets:
👉 Druckenmiller sells winner
👉 Disney earnings are in
👉Social Security gets extended
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Druckenmiller: Sells Nvidia
Billionaire investor Stanley Druckenmiller revealed on Tuesday that he reduced his large investment in Nvidia earlier this year, citing concerns that the rapid growth in artificial intelligence might be overhyped in the short term. Nvidia has emerged as the top beneficiary of the tech industry’s fervent focus on large language artificial intelligence models, which rely on the company’s high-end graphics processors for servers. Last year, the company’s stock soared by an impressive 238%, and it has already increased by another ~66% in 2024.
Source: CNBC
Druckenmiller was introduced to Nvidia by a younger colleague in late 2022, who believed AI would surpass blockchain and the internet in impact. Despite cutting his Nvidia stake, Druckenmiller remains bullish about AI's long-term prospects and has also invested in Microsoft and Alphabet for their AI potential.
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EARNINGS: Disney
Walt Disney shares fell in early morning trading after its Disney+ streaming service missed subscriber targets and the company's profit forecast disappointed analysts. Despite boosting its full-year earnings growth from 20% to 25%, Disney fell short of the 25.5% analysts were eyeing. The subscriber count for Disney+ hit 153.6 million, not quite reaching the expected 155.66 million.
Source: The Verge
Disney has topped profit expectations for four straight quarters, suggesting a turnaround is taking shape under CEO Bob Iger. This streak has also helped Iger fend off activist investor Nelson Peltz's board challenge in April. Year-to-date, Disney shares are up almost 30%, fueled by Iger's bold moves like investing $1.5 billion in Epic Games and slashing costs, along with restoring dividends.
EARNINGS:
Earnings per share: $1.21 adjusted vs. $1.10 cents expected
Revenue: $22.08 billion vs. $22.11 billion expected
EXTENDED: Social Security
The latest report from Social Security trustees, released on Monday, reveals that the trust funds used to pay Social Security benefits are now expected to run out by 2035, one year later than previously thought. At that point, only 83% of benefits could be paid unless Congress steps in.
Source: AARP
This improved forecast is due to stronger economic conditions, lower unemployment, and better job and wage growth. This has led to increased contributions to the program. Currently, workers contribute 7.65% of their pay towards Social Security and Medicare, a cost matched by employers. Despite the adjustment in depletion date, the two Social Security trust funds have different timelines for when funds may run dry, reflecting their separate financial challenges.
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