TLDR

MARKET RECAP → On Thursday, stocks rose, building on the gains from the previous session and propelling the major indexes to fresh record highs.

REDDIT IPO SOARS → 🚀 Reddit's (RDDT) shares rocketed 48% on its public debut at the NYSE, capturing a $10.9 billion peak market cap, despite a backdrop of recent tech IPO struggles and ongoing explorations into new revenue paths like data licensing.

SHAKE SHACK'S NEW LEADER → 🔄 Shake Shack spiced up its leadership, appointing Papa John's CEO Rob Lynch as its new head. This signaled a fresh direction amid a pre-bell stock dip despite recent earnings triumphs.

MUSK DOUBLES DOWN ON NVIDIA→ 🚀 Despite Tesla's (TSLA) development of its own AI supercomputer, Elon Musk significantly invests in Nvidia's (NVDA) unparalleled AI hardware for Tesla and xAI, highlighting the strategic synergy in advancing AI technologies.

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TODAY’S TOP NEWS

Reddit IPO Soars

Impressive Debut: Reddit surged 48% on its first day of trading, marking the most significant social media IPO since Pinterest in 2019. At its peak, Reddit's market cap reached approximately $10.9 billion.

Financials Revealed: Despite launching at $34 per share and raising around $750 million, Reddit's IPO valuation of about $6.5 billion was a decrease from its $10 billion valuation in 2021. The company reported a 20% increase in annual sales for 2023, with a net loss narrowing compared to the previous year.

Future Revenue Streams: Reddit is exploring data licensing as a new revenue avenue, having entered into deals potentially worth over $200 million. The company's engagement with Google for expanded data access aims to bolster AI model training, highlighting Reddit's strategic shifts towards monetizing user-generated content.

TODAY’S TOP NEWS

Shake Shack’s New Leader

🍔 CEO Transition: Shake Shack announced Rob Lynch, CEO of Papa John's, as its new chief executive, taking over from Randy Garutti, who led the company through its 2015 IPO and will now transition to an advisory role through the end of the year.

📈 Lynch's Track Record: With over 25 years in the quick-service restaurant and consumer packaged goods industries, Lynch has been instrumental in driving Papa John's global sales to over $5 billion across approximately 5,900 locations, bringing a wealth of experience to Shake Shack.

📉 Market Reaction: Following the announcement, Shake Shack's shares dipped by 4.3% in pre-market trading, despite the company exceeding market expectations for quarterly earnings in February, fueled by higher prices and a strong demand for its gourmet offerings. Meanwhile, Papa John's shares remained unchanged.

TODAY’S TOP NEWS

Musk Doubles Down on Nvidia

🔌 AI Ambitions Intensify: Elon Musk's ventures, notably Tesla (TSLA) and his AI startup xAI, are ramping up their use of Nvidia's (NVDA) hardware, despite Tesla's own efforts to develop a competing AI supercomputer, Dojo. This move underscores the critical role Nvidia's technology plays in Musk's ambitious AI projects.

💻 Nvidia's Dominance: With Nvidia's GPUs essential for AI development, Musk's companies are investing heavily in this technology, highlighting the chipmaker's unparalleled position in the AI and data center markets. Musk himself praised Nvidia's hardware as unmatched for AI applications, despite past criticisms of the company's market practices.

🤝 Complex Relationships: The relationship between Musk and Nvidia CEO Jensen Huang has evolved from competitive to collaborative, with Musk leveraging Nvidia's AI supercomputers for both OpenAI and Tesla's initiatives. This partnership illustrates the intricate dynamics between tech leaders navigating the rapidly advancing field of artificial intelligence.

KEEP READING

February home sales spike 9.5%, the largest monthly gain in a year, as supply improves (CNBC)

Advisory firm ISS tells Disney shareholders to side with Nelson Peltz in proxy fight (CNBC)

Darden posts first same-store sales decline since pandemic, offset by Ruth’s Chris acquisition (CNBC)

Gold prices have been hitting record highs — here’s why the rally is far from over (CNBC)

Bank of England holds rates but says ‘moving in the right direction’ for cuts (CNBC)

Temu-owner PDD spooked China’s e-commerce giants last year with its low prices. Now the upstart has almost doubled its annual profits (Fortune)

1 in 5 Gen Zers haven’t had a single conversation with someone over 50 in their workplace in the last year, LinkedIn research says (Fortune)

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