The Bot Brief

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

- Victor Hugo

Bots in the News:

From downer to darling, the fate of NIO Inc., the Chinese automaker, rose dramatically in last week’s trading. Long maligned as a potential removal candidate from U.S. equity trading markets, the shares of NIO have stayed depressed in the $3-$4 range for most of the past three quarters. Based upon some good news, however, the stock soared last week by 31.81% to a price of $6.45. The company announced the launch of its new premium sport utility vehicle (SUV). Nio is primarily a player in the domestic market in China, and this latest model, which comes with a near 26% discount. Furthermore, on August 16, Morgan Stanley said that it expects Nio Inc. to report record Q3 sales guidance given the strong order backlog for the Chinese EV maker’s new Onvo L90 SUV. The company is expected to report its Q2 financial results on September 4.

From darling to downer, the converse of the NIO movement saw high flying (pun intended) Joby Aviation give back some of its recent explosive market returns. Joby fell 10.10%. The drop was attributed to inflationary trends and valuations for artificial intelligence (AI) companies drove big selloffs for growth stocks. Despite the decline the stock is still up over 83% year to date.

The Bot Index gained 1.80% for the week versus the S & P 500’s 26 basis point advancement.