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The Bot Brief

POSTED 03/24/2024

"There is no force on earth more powerful than an idea whose time has come."     

- Victor Hugo

 

Bots In The News:Bot Index vs. S & P 500

The Bot Index’ lead over the performance of the broader market continues to narrow a bit with last week’s trading. The Bot Index gained 1.11% while the S & P 500 rose a robust 2.29%. The bots held no double-digit gainers, however, two of its decliners did. The worst performance was recorded by iRobot, whose fortunes have continued to dwindle following the merger failure with Amazon. The (now) low priced issue fell over 18% to $8.19, a far cry from the $37.52 recorded at the end of the year.

The Chinese EV maker NIO Inc. declined 12.37% as competition in its domestic market continues to push prices down. Recent concerns about the electric grid, distance limitations and the impact of winter weather continue to provide consumer doubts.

After riding a crest of investor interest following its recent revenue and earnings beat (revenue exceeded analyst estimates by 6.8% while earnings per share also surpassed analyst estimates by 46%) profit harvesting this week pushed the company lower by 6%.

Among the better performers, Google gained another 6.75% following the prior week’s 4.51% on an interesting comment by Microsoft regarding AI competition. A major Wall Street firm hinted at the prospect of Google paying a dividend. It currently does not reward shareholders with a quarterly distribution despite a balance sheet that shows that as of December, Google had a whopping $111 billion in cash against just $13 billion in debt.

NVIDIA Corp. recorded the largest gain with its new chip announcement and leadership in the exciting world of Artificial Intelligence. The stock rose 7.34%. However, in after-hours trading Ark Invest’s Cathie Wood expressed her concern that competition will tarnish some of the luster of the dynamo that NVIDIA has become. She compared the company to Cisco Systems which was one of the dot-com era darlings. She reflected that investors poured into Cisco stock, eventually propelling Cisco to the world's most-valuable company. Today, Cisco isn't even in the top-50 most-valuable companies measured by market cap.

2020's Decade of Bot Index Performance