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The Bot Brief
POSTED 01/21/2024
"There is no force on earth more powerful than an idea whose time has come."
- Victor Hugo
Bots In the News:
Even the wild trading day of Friday couldn’t help the Bot Index to recover from the four previous days of weakness. Two dramatic losers forced the Bot Index down by 2.65%, far below the broader index which gained 1.17%. There were no double-digit gainers among the bots for the week and only NVIDIA Corp. provided an acceptable return. The stock rose 8.74% to a new record high as pundits continue to tout AI as a leading market force for 2024. One major Wall Street firm predicted the stock could continue its market lead and surge even higher as demand for chips expands.
NIO Inc., the Chinese EV maker, dropped 15.48% this week as visible signs of a slowdown in Chinese auto sales were reported in recent weeks. Data from the China Passenger Car Association revealed a 21% drop in retail new energy vehicles (NEV) sales in China between Jan. 1 and Jan. 14 compared to a similar period from December.
iRobot was the worst performer, not only within the Bot Index, but also for the entire U.S. stock market. The stock fell 42.42% following the announcement that European Union antitrust officials would likely block the $1.4 billion takeover of the firm by Amazon. It is unclear whether the company will seek an alternative suitor or try to continue running the business on it on.
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The Bot Brief is a weekly newsletter designed for economists, investment specialists, journalists, and academicians. It receives no remuneration from any companies that may from time to time be featured in the brief and its commentaries, analysis, opinions, and research represent the subjective view of Balcones Investment Research, LLC. Due to the complex and rapidly changing nature of the subject matter, the company makes no assurances as to the absolute accuracy of the material presented.