Tech 5: Cryptocurrencies sink, Apple surges as markets hit all-time highs

Apple (NASDAQ:AAPL) had a slow first half compared to other tech giants, but its stock price has surged in the days following its annual World Wide Developers Conference (WWDC) on Monday (June 10).

Meanwhile, cryptocurrency markets have been falling all week as the US Federal Reserve kept interest rates steady and Tesla (NASDAQ:TSL) has been given the green light to begin testing its fully autonomous driving mode in Shanghai.

Stay informed about the latest developments in the world of technology with Investing News Network’s roundup.

1. Tech Boom Pushes Indexes to New Highs

THE Quotation Composite (INDICENASDAQ:.IXIC) continued its historic run this week, closing at new all-time highs for five consecutive trading days. After opening at 17,083.45 on Monday, the tech-heavy index closed at 17,688.88 on Friday (June 14), buoyed by the resilience and performance of tech-focused stocks.

THE S&P 500 Index (INDEXSP:.INX) also had a stellar week, but narrowly missed out on a five-day winning streak, setting all-time highs through Thursday’s close (June 13). It closed Friday at 5,431.6, down 0.04 percent from the previous day.

Oracle (NYSE:ORCL) stock price jumped 9 percent Wednesday (June 12), a move that Market observers have attributed to the company’s competitive cloud infrastructure offerings, which provide a more affordable alternative to its rivals like Google (NASDAQ:GOOGLE), Microsoft and Amazon (NASDAQ:AMZN). Meanwhile, shares of Adobe (NASDAQ:ADBE) rose 16 percent, hitting its highest level since March 14. The company Second quarter results revealed record revenue of $5.31 billion, driven by “increasing customer value through an innovative product roadmap.”

Broadcom (NASDAQ:AVOID) has also increased significantly following its Second quarter results Wednesday. The company presented a solid full-year outlook driven by demand for artificial intelligence (AI) chips and announced a stock split and a quarterly dividend of $5.25 per share. After starting the week at $1,412, the company closed at $1,735.04 on Friday.

In other market news, Reuters reported on Monday that NVIDIA (NASDAQ:NVDA) the recent stock split has led some analysts to speculate on its suitability for inclusion in the below Jones Industrial Average (INDEXDJX:.DJI).

Before the stock split, NVIDIA’s high share price had disqualified it from consideration, as its price fluctuations would have a disproportionate effect on the index. However, the split has lowered the company’s share price to a more manageable level, making it a more suitable candidate for inclusion in the Dow.

2. Cryptocurrency Prices Fall as Fed Holds Rates Steady

The cryptocurrency market started the week low ahead of the latest Fed meeting.

Bitcoin and Ethereum has suffered significant declinesdown 3.5% and 4.6% respectively, and liquidated assets worth $270.4 million in just 24 hours on Tuesday (June 11).

The Fed ultimately opted for leave rates unchangedsaying it now only expects one cut this year. In a press conference, Chairman Jerome Powell also extended the expected timeline for the first potential cut to September, but warned that waiting until December remains a distinct possibility. Cryptocurrency markets fell further after the meeting.

Despite the market volatility this week, there were some positive signs for the cryptocurrency sector. The market capitalization of tokenized U.S. Treasuries was marked at an all-time high of more than $1.5 billion. In particular, BlackRock (NYSE:BLACK) The BUIDL fund saw the most activity, accumulating $472 million from launch to March.

Additionally, MicroStrategy (NASDAQ:MSTR) released two press releases on Thursday, announcing plans to redeem $650 million of convertible bonds on July 15, as well as a private offer of an additional $500 million in convertible senior notes; the offering was increased to $700 million Friday. The funds will be used in part to purchase more Bitcoin.

3. Spot Ethereum ETFs Could Be Approved This Summer

Somewhere elseU.S. Securities and Exchange Commission Chairman Gary Gensler gave testimony before the Senate Appropriations Committee, indicating that S-1 forms for spot Ethereum exchange-traded funds (ETFs) will likely be approved by the end of the summer. Hoping to cash in, ProShares has filed a Form 19b-4 to offer spot Ethereum ETFs on June 7 and an S-1 registration statement on June 11, bringing the total number of filings to nine.

The K33 research predicted that Ethereum ETFs could see around $4 billion in inflows in their first five months, with the latest from CoinShares Digital Asset Fund Flows Report shows that in the first week of June the investment products holding Ethereum recorded their largest inflows from March.

4. Apple Unveils On-Device AI Processing, Stock Price Skyrockets

At its annual WWDC event on Monday, Apple introduced a number of new artificial intelligence features powered by a newly announced partnership with Open AIWhile the initial market reaction was muted, with Apple’s stock price hovering around $193 in after-hours trading on Monday, the picture has since changed.

After rising on Tuesday and Wednesday, Apple set a new all-time high closing price on Wednesday at $214.24. The company briefly has surpassed Microsoft (NASDAQ:MSFT) in terms of market capitalization to claim the title of the most valuable company in the world. world ranking Kantar’s BrandZ list of the world’s 10 most valuable brands also reveals that Apple is now the first brand to reach $1 trillion in brand value. NVIDIA has entered the top 10 for the first time, securing sixth place on the list.

5. Tesla to test fully autonomous driving in Shanghai

According to ReutersThe Shanghai Observer, a government-backed Chinese news agency, reported that Tesla will test its fully autonomous driving (FSD) software on 10 vehicles in Shanghai. Tesla’s FSD software equips vehicles with autonomous capabilities to navigate intricate urban environments. This includes managing intersections, traffic lights, and pedestrian crossings, all without human intervention. The Shanghai tests will allow Tesla to collect data on how its FSD software performs in a densely populated and heavily congested urban environment.

For Tesla, the Shanghai tests are of strategic importance, as China is a key market for the company.

China has been launch of public tests of autonomous driving software for several companies, including Nio (NYSE:NIO), BYD (HKEX:1211) and SAIC Motor (SHA:600104). The Chinese government has supported the development of autonomous driving technology, seeing it as crucial to the future of the country’s transportation.

Additionally, the Shanghai tests will contribute to the development of regulatory frameworks for autonomous vehicles in China. As autonomous driving technology continues to advance, governments around the world are working to establish clear regulations and standards to ensure the safety and responsible use of such vehicles. The data collected during the Shanghai tests can provide valuable insights for policy makers and regulators in developing effective regulations.

Don’t forget to follow us @INN_Technology for real-time updates!

Securities Disclosure: I, Meagen Seatter, do not have any direct investment interest in any of the companies mentioned in this article.

From articles on your site

Related Articles Around the Web

Fuente