TLDR

MARKET RECAP → Stocks rose Thursday as the S&P 500 (VOO) rose to new highs and the Nasdaq (QQQ) clocked its best day since February of 2023. What gives? Well, the only stock anyone has been talking about for the last 48 hours — Nvidia (NVDA), of course!

REDDIT READIES A IPO → 🚀 Reddit gears up for a NYSE debut under "RDDT," flaunting a 20% sales jump in 2023 amidst a competitive ad market, while eyeing a slice of the trillion-dollar global advertising pie with AI and a burgeoning user economy.

AI BOOM BOOSTS CHIPS → 🔥 Post-Nvidia earnings, AI and semiconductor stocks soar, signaling a bullish future for the chip industry amid the AI revolution.

MODERNA SURPRISES→ 💰 Moderna (MRNA) beats odds with a surprise profit amid vaccine sales dip, banking on deferred revenue and eyeing a future beyond Covid.

TAX GAP TROUBLE → 💸 IRS Targets Elite Tax Dodgers: Unveiling a $150 billion annual tax evasion by the wealthiest, the IRS gears up with AI and new funding to level the fiscal playing field.

Sean Horgan

Head of Investor Relations @MoneyLion

$shorgan*

Today’s S&P 500 Heatmap

Today’s Top News

REDDIT READIES FOR IPO

📈 Reddit filed for its IPO, planning to list on the NYSE under "RDDT" in what's set to be the year's first major tech debut and the first social media IPO since Pinterest in 2019. The platform reported a 20% increase in annual sales for 2023, reaching $804 million but also recorded a net loss of $90.8 million for the year.

💻 Founded in 2005, Reddit has faced challenges building a competitive online advertising business despite being one of the most visited websites in the U.S. With over 100,000 communities and millions of active users, the company's U.S. and global average revenue per user saw a slight decline from the previous year.

🌐 Emphasizing future growth, Reddit aims to tap into the global advertising market, excluding China and Russia, projected to be $1.4 trillion by 2027. The company plans to enhance its search capabilities and leverage AI for its ad business while developing a data-licensing business and exploring a user economy with digital and physical goods exchanges.

AI BOOM BOOSTS CHIPS

🚀 Nvidia's Ripple Effect: Following Nvidia's (NVDA) earnings triumph, AI and semiconductor stocks surged, with Taiwan Semiconductor Manufacturing Company (TSMC) and Super Micro Computer experiencing significant gains. Nvidia's forecast for "continued growth" in 2025 sparked optimism across the sector.

📈 Industry Giants Rally: Rivals like Advanced Micro Devices (AMD) and Arm Holdings saw their stocks jump nearly 10% and over 6%, respectively. The AI frenzy, fueled by technologies like OpenAI's ChatGPT running on Nvidia's GPUs, has led to a skyrocketing demand for Nvidia's products, pushing its shares up more than 14%.

💡 Bright Future for Chips: Nvidia CEO Jensen Huang's confidence in sustained demand for GPUs, due to the generative AI wave and a shift towards Nvidia's accelerators, signals a bullish outlook for the semiconductor industry. This sentiment is echoed by analysts predicting Nvidia will continue to surprise on market share and margins.

MODERNA SURPRISES

💉 Unexpected Profit: Despite a slump in Covid vaccine sales, Moderna (MRNA) posted a surprise quarterly profit of $217 million, or 55 cents per share, buoyed by $600 million in deferred revenue and significant cost cuts. This marked a stark contrast to the expected loss, with revenue hitting $2.81 billion against the $2.50 billion forecast.

📉 Sales Slump Managed: Covid vaccine revenue fell 43% year-over-year due to lower volume, somewhat offset by higher prices. Yet, deferred revenue from Gavi and efficient cost management, including a reduction in manufacturing scale, helped cushion the financial impact, showcasing Moderna's adaptability.

🚀 Looking Beyond Covid: With 45 products in development and an RSV vaccine potentially gaining FDA approval soon, Moderna is positioning itself for future growth. The company aims for a sales rebound in 2025, emphasizing that there's much more to Moderna than just its Covid vaccine.

TAX GAP TROUBLE

💰 Wealthy Dodge Billions: The IRS revealed that millionaires and billionaires are evading over $150 billion in taxes annually, exacerbating government deficits and skewing tax system fairness. This evasion has prompted the IRS to initiate a comprehensive crackdown targeting the complex returns of the affluent.

🔍 Audit Drought Ends: Due to years of underfunding, audits of individuals earning over $1 million plummeted by over 80% in the last decade. However, with new Congressional funding, the IRS is ramping up efforts to scrutinize these complex filings, aiming for a fairer tax system where everyone pays their due share.

🚀 AI to the Rescue: The IRS is employing artificial intelligence to enhance its detection of tax evasion, particularly among owners of private jets and large partnerships. This tech-forward approach aims to pinpoint evasion more accurately, ensuring compliant taxpayers aren't unnecessarily audited while recovering billions in unpaid taxes.

Keep Reading

AT&T cellular outage in United States disrupts vital services (CNBC)

Novavax stock jumps after company settles dispute over canceled Covid vaccine purchase (CNBC)

Intuitive Machines stock has surged 300%. How Wall Street reads the moon-fueled rally (CNBC)

Boeing replaces head of troubled 737 Max program (CNBC)

Japan’s stock market cheers first record high in 34 years (CNN)

Google halts AI tool’s ability to produce images of people after backlash over historically inaccurate depictions of race (CNN)

Toyota recalls 280,000 vehicles because they may ‘creep forward’ in neutral (CNN)

How A Restaurant Supply Website With A Quirky Name Created A Billionaire Family (Forbes)

And if you want more, be sure to check out the MoneyLion blog for tips, hacks and all things money. (MoneyLife)

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