Once again Communication Services (XLC) and Technology (XLK) held up their end of the bargain while the rest of the market stumbled. It's all about the Fourth Industrial Revolution, and I’m interviewing two giants changing our world on Making Money tomorrow at 2 P.M. on Fox Business Network.

Sam Altman

Artificial Intelligence (AI) is living up to the hype much faster than we imagined only a couple of years ago, but it's also living up to the fears we braced for even longer. Sam Altman is an architect of tomorrow and has also been tasked with shepherding the AI revolution in ways that maximize its use to human beings without harming humankind.

Michael Saylor

The Bitcoin (BTC) story continues to evolve, drawing in more believers at all levels. High-end skeptics remain out of ignorance and in part to preserve the status quo. Nobody has put their money where their mouth is more than Michael Saylor.

Advancers

Palantir Technologies (PLTR) is crushing it, much to Wall Street's chagrin. And here comes Meta Platforms (META), although AT&T (T) was the best performer in Communication Services.

Build Your Nuclear Power Plan

Meanwhile, Utilities (XLU) were down the most yesterday, and Meta’s shares popped on reports the latter is looking to do the nuclear power thing soup to nuts. Perhaps this is the way to get around regulators who are more concerned with the dating patterns of native salamanders (quasi-joke) than powering the AI revolution.

If you grew up mastering erector sets, there could be a job for you.

AT&T continues its monster stealth move. Many old blue-chip names considered relics of the past are being put on a grand show in 2024. The rest of the best upside movers on the day are a smattering of bottom fishing and reactions to the news.

Heat Map

It is very similar to Monday’s session, but more worrisome. It is odd when the market stalls or looks vulnerable, and the names the experts have urged everyone to sell come to the rescue time after time.

I’m not sure what to say about all the red on the screen, except there weren’t many disasters, but semiconductors stood out:

• Super Micro Computer (SMCI) -4.23%
• On Semiconductor (ON) -5.60%
• Intel (INTC) -6.10%
• Microchip Technology (MCHP) -7.00%

As we approach the jobs report, the market might become more volatile. For now, all arrows point true north.

Speaking of Jobs

That JOLT's report wasn’t good and certainly not great. I’ve taught you that beating the consensus is primarily a manipulation game.  

Hiring was ‘punk,’ and the prior month was revised lower.

Today’s Session

Although there were only a handful of names on the docket to post quarterly financials this week, several are making big splashes.

The biggest is Salesforce.com (CRM), which posted good results but got a ton of sizzle on the call as CEO Mac Benioff laid it on thick over their new AI business: ‘Agentforce Agents.’

Benioff also posted this on X (below).

• Marvell (MRVL) crushed it.
• Okta (OKTA) crushed it.
• Pure Storage (PSTG) crushed it.

Interestingly, Pure Storage (PSTG) will see its biggest gap – opening since its IPO in 2015. This is why we are overweight Technology (XLK).

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