👑 NVIDIA is crowned KING

GM and Happy Saturday! ☀️

As we wait here nervously chewing our fingernails to hear what Powell has to say in Jackson Hole, Money Mastery does what it always does: Brings you the best in tech news.

While markets on Thursday watched stocks selling off and treasury yields climbing, NVIDIA took center stage. Also, deepfake detection technology aims to save the day before the presidential election.

Oh and by the way, SpaceX is getting sued.

Grab your coffee because this one’s a doozy. ☕


  • NVIDIA Q2 Earnings
  • Deepfake Detection to the Rescue
  • The DOJ Accuses SpaceX of Not Being Fair
  • A New Mercedes EV Spotted in Town

👏 Nvidia Crushes Earnings With Sales More Than Doubling

The chip industry is exhibiting some royal stats as of late. NVIDIA (NASDAQ: NVDA) reported yesterday revenue for the second quarter of $13.51 billion, up 101% from a year ago and up 88% from the previous quarter. Shares rose as much as 6.7%, hitting an all-time high.

In addition, GAAP earnings per diluted share of $2.48 were also reported for the quarter which is an 854% increase from a year ago and up 202% from the previous quarter.

NVIDIA founder and CEO Jensen Huang highlighted the second quarter’s pivotal events which included major cloud providers unveiling expansive NVIDIA H100 AI infrastructures. Simultaneously, leading enterprise IT systems and software providers joined forces to proliferate NVIDIA AI across industries.

Huang says the race is on:

“A new computing era has begun. Companies worldwide are transitioning from general-purpose to accelerated computing and generative AI.”

The tech giant also said it would buy back $25 billion worth of its shares, one of the largest planned buybacks of the past decade. As a result, other chipmakers plunged while investors were laser-focused on NVIDIA.

What’s with all the commotion though? Well, it’s all about that insane H100, NVIDIA’S fastest AI processing chip. I mean, this thing is so awesome that analysts are estimating demand to be 50% higher than supply. NVIDIA plans to increase its H100 AI processor shipments to 2 million units which would officially result in a 4x surge.

Seems NVIDIA is indeed, king of the chip market today.

🇺🇸 Pentagon Partners with Deepfake Detection Startup to Safeguard Democracy

The U.S. presidential election season is kicking off and suspicions run rampant. The convincingly AI-generated fakery has reached its peak, and people are concerned about the potential strain on public trust in media and politics.

Rijul Gupta, DeepMedia AI’s co-founder and CEO, revealed that interest in the startup’s deepfake detection is surging among social platforms, news outlets, and campaigns aiming to strengthen their defenses for the upcoming political race.

Just last week, DeepMedia launched its public deepfake detection platform, DeepID, which is tailored to uncover “synthetic audio, video, text, and image manipulation.”

The startup has also been diligently executing a $1.25 million contract from the Air Force Research Laboratory this year. The goal is to integrate their technology into Department of Defense applications, offering accurate deepfake detection to counteract information warfare by Russian and Chinese entities.

The company claims their models can detect fake faces and voices with 99% accuracy and image manipulation with 95% accuracy. As this becomes a new “thing” in society, other startups enter the arena and governments are setting aside defense budgets in anticipation of this “threat.”

So, what does Gupta have to say about this?

“The 2024 election is going to be the deepfake election. It’s going to test our ability as a society to detect deepfakes. Not from necessarily a technical perspective—deepfakes are detectable; we can do that.”

Well, if he’s confident, so are we.

🚀 SpaceX Gets Slammed with Lawsuit

It’s a sad time for Mars explorers as SpaceX is now diverting its attention to matters in the earthly realm. The Department of Justice is suing the company, alleging discrimination against asylum seekers and refugees in their hiring segment.

According to the lawsuit, spanning the years 2018 to 2022, SpaceX supposedly dissuaded these hopeful job seekers with tales of hiring restrictions based on the intricacies of US export regulations covering sensitive technology.

Even a tweet from the high-flying CEO Elon Musk was called into question, where he asserted, “US law requires at least a green card to be hired at SpaceX, as rockets are considered advanced weapons technology.” Video interviews were also dragged into the spotlight.

The Department of Justice contends that, despite well-qualified candidates from the asylum seeker and refugee pool, SpaceX gave them the cold shoulder due to their lack of US citizenship or a coveted green card. Allegedly, the company’s hiring platform even boasted its own “thanks but no thanks” codes designed specifically for these applicants.

Trading Without Trading View Is Like Fishing Without Bait!

So if you want to catch the next big trades then you need to be using Trading View!

  • Track stocks, crypto, and basically every financial product
  • INSANE amount of indicators and tools
  • Excellent for both beginners and professionals
  • Trusted by traders everywhere

🔥 Create Your Account 🔥

“Imagine a world where you have a million devices that all learn everything simultaneously, and they have acquired an IQ of 200. This is where you start to panic, and decide that you better destroy them or limit them quickly, before they get ideas above their station. I agree with the group that says they should be regulated.”

— Jeremy Grantham (when asked to share his thoughts on the AI craze).

$1,100 is the expected price target for NVIDIA by Rosenblatt Securities according to Refinitive data. The firm’s analyst calls the company’s AI growth story “the mother of all cycles.” More than 20 brokerages raised their target price on Nvidia after the earnings.

Tesla (NASDAQ:TSLA): Tesla has a new luxury rival in town as German automaker Mercedes-Benz is poised to roll out its electric GLC crossover in 2024 with a range of 300 miles on a charge. This machine is meant to be a successor to the first-gen EQC and aims to cut into the Tesla Model Y market. Full story

IBM (NYSE:IBM): IBM scientist David Ferrucci raised nearly $60 million for his AI startup Elemental Cognition in New York. The company is seeking to develop a new and improved AI that actually “thinks before it talks” and is set to be accompanied by two chatbots Cogent and Cora which can be used in financial services, interactive travel planning, and more. Full story

Microsoft (NASDAQ:MSFT): The tech giant seeks to enter the renewable energy world as it’s set to invest in a decarbonization project in Panola County, Mississippi. Partnering up with carbon solutions provider Clearloop, Microsoft will help prevent roughly 400 million pounds of carbon from entering the atmosphere. Full story

BETTER (NASDAQ:BETR): Softbank-backed mortgage company Better Home & Finance Holding went public with its latest stock price. AND no one would imagine a whopping 93% descent into the pits of market hell. A company that was once worth $4 billion now withered in ashes. And yes, it’s the same company that laid off 90% of their employees. Full story

T-mobile (NASDAQ:TMUS): T-mobile announced on Thursday that they will be laying off 5,000 employees over the next coming weeks. This comes after months of mass layoff announcements. The company also plans to reduce its spending on external workers and resources. Full story

Netflix (NASDAQ:NFLX): The Netflix stock is rising after Friday’s new upgrade for the company’s video streaming service. The upgrade came from Loop Capital analyst Alan Gould which sent the stock from a “hold” rating to a “buy” rating. Full story

Susan Collins — Boston Federal Reserve president said on Thursday that interest rates are likely to continue surging. She said in an interview that the Fed has “more work to do” to get inflation down to its 2% target. Full story

Nvidia, which has seen its value grow more than threefold this year, has just reached a market valuation of $1.2 trillion. Likewise, we see the Nasdaq index has climbed by 29% in the ongoing year of 2023. Optimistic investors are suggesting that stocks centered around artificial intelligence still have the potential to continue their upward trajectory, defying the notion that their surge might be reaching its peak.

NVIDIA reached another memorable milestone that only five other businesses can boast when its market cap reached $1 trillion. And Since the Elon vs Zuckerberg fiasco has died down, we now have two cage fight candidates that would surely fire up new headlines on social media. 🧨

So, before you go, would you sign up to see a Jensen Huang vs Elon Musk battle?

Reply to this email with YES or NO.

And with that, thank you for reading this issue of Money Mastery, enjoy your summer weekend! Rock on! 🕶️ 🤘⛱️


👉 Create Your Account

Money Mastery (and Lark Davis and team) is a publisher of educational and entertainment information in the financial sphere, but is not a financial advisor. We do not provide personalized investment advice. Nor are we registered to provide financial advice and are not a broker-dealer or underwriter. Money Mastery is not responsible for any gains or losses that result from your investments.
See the entirety of our disclaimer here.

Subscribe for free to Money Mastery and receive weekly tech investment strategies that’ll help you make better informed decisions in the future.

Related Articles