All that glitters is gold... especially in today’s market. Long considered a safe haven asset, gold bullion surpassed $1,000 per troy ounce during the financial crisis, $2,000 in the pandemic, and this Tuesday passed $4,000 for the first time. These charts showing how gold performed over 1, 5, 10, and 25 years compared to the S&P 500 make it plain why both central banks and individual investors have been piling into the asset.

Stocks rebounded from yesterday’s dip to fresh records, as the S&P 500 and Nasdaq 100 both posted new closing highs. The Russell 2000 also rose, coming just shy of Monday’s record close. The minutes from last month’s Fed meeting hinted that a narrow majority of officials support what traders have been betting on: two more rate cuts by the end of the year.

The Roundhill Meme Stock ETF is back, in case you wanted a gut check for how much retail is in the driver’s seat for the market these days.

The actively managed ETF started trading under the ticker “MEME” Wednesday. It’s a relaunch of a product from Roundhill that opened in December 2021, the same year as the OG GameStop meme stock craze, before shuttering about two years later. 

From those 30, through a mix of quantitative and qualitative research, the fund managers will select 13 to 25 stocks that will be held in the ETF. Mazza spotlighted Reddit and X as two of the social media platforms that will be key sources for Roundhill to get a handle on retail sentiment.

It’s just yet another sign of how much people want what retail’s having. 

To Mazza, the approach is about trying to be more adaptive to changing themes and a little closer to the ground floor in identifying and piggybacking names where retail traders see immense upside potential. The prior iteration rebalanced once every two weeks, while this time the meme stock ETF will trade “at least once a week, if not more frequently,” he said.

When AMD reached a megadeal with OpenAI at the start of the week, Wall Street went bananas and the shares did too, with more than 20 analysts raising their price targets in the 24 hours following the announcement.

When The Information put out a report on Tuesday saying Oracle’s GPU rental business had a fairly low profit margin, shares dipped and Wall Street responded by doing... absolutely nothing.

So, where does Wall Street’s confidence to shrug this one off come from?

While profitability challenges in the early stages of a ramp are far from uncommon, competing on price is an old hat for Oracle in particular. Back in 2017, cofounder Larry Ellison detailed plans to grow its cloud business by matching Amazon Web Services’ list prices while offering speedier compute, enticing customers with the assurance that “your bill will drop by half” if they switched over. 

The profitability metric reported by The Information “isn’t much of a surprise to us as the company has historically looked to undercut competitors’ pricing — as it’s done for its cloud services business,” Bloomberg Intelligence analysts Anurag Rana and Andrew Girard wrote. “We don’t expect Oracle to make changes to its pricing strategy near term as this has enabled it to capture share. Oracle can also leverage its higher-margin software and database segments to offset the pressure.”

What’s in a name? As Shakespeare (probably) would have posted on Reddit, would not a meme stock called by any other name trade as sweet? While the name of the latest hot stock on Reddit’s r/WallStreetBets evokes the Bard, the company seeing record volumes and call activity is focused on optical communication tech that aims to speed data transmission in AI data centers. “The massive growth of AI infrastructure represents an unprecedented opportunity for which POET is well prepared,” the CEO said, and retail traders seem to agree.

The picture of call volume does more than 1,000 words could ever.

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