Good morning everyone. It’s been a couple of days since I’ve posted Money Moves. Today, we’ve woken up to a significant selloff in the more speculative tech positions. TSLA, ARKK, and SQ all down multiple points mid day, resulting in my portfolio being down -1.66%.
The big tech stocks gearing up to report earnings are down less than 1%. I would add more today, but I’m holding my cash position for bigger moves and more strategic entries besides a minor dip.
So Tesla’s big news is the fatal two person crash in Austin, Texas which resulted in a four hour fire. I’ve only read the news story from a couple of different sources so I have not had time to research the details of this crash, but the big claim is that nobody was in the driver’s seat. I thought FSD does not allow the driver to move the car without detecting them active at the wheel. Details aside, this will just mean a little more volatility for TSLA in the coming days. I won’t be buying or selling.
In other news, my 38k position in INTC is down about 3%, which is not great, but not a huge shocker. My rationale still stands for a domestic chip fabrication play over the coming months and couple of years.
Related, NVDA is down over 3% today on news that the UK government has stepped in to stop the acquisiton of Arm, citing national security concerns. I do think the acquisition will still happen, but will take longer now that regulators have wrapped up the deal in red tape. This is actually good news for Intel, so I’m surprised there isn’t a slight uptick to INTC’s price.