Did you know that during the California Gold Rush, the real fortune was made by those selling supplies?

This mirrors today's economy: the real gold is in supporting innovation and infrastructure, and with the arrival of AI, investing in its raw materials could be your ticket to generational wealth.

This newsletter edition highlights:

• Nvidia Stock Wavers, And Where A Market Technician Says It Goes Next: First, we’ll give insights into Nvidia's stock direction, offering a glimpse into tech investment trends 🖥️

• U.S. Economic Growth Remains Robust, No Matter How You Slice It: Next, the latest GDP and GDI data reveal the unexpected strength of the U.S. economy, showcasing its growth and potential 💪

• AI Will Drive Big Demand For Copper, J.P. Morgan Says, 3 Stocks To Watch: Finally, the surging demand for copper due to AI advancements points to critical investment opportunities 👀

We aim to equip you with insights into the economic and technological transformations shaping our world, providing a guide to the opportunities and challenges ahead.

Nvidia Stock Wavers, And Where A Market Technician Says It Goes Next 🖥️

Nvidia stock edged higher early on Thursday, but was on course for a weekly loss after 11 consecutive weeks of gains.

Technical indicators are suggesting trend exhaustion, and Nvidia could also be in the process of forming a double top pattern 📈📈

A “double top” is characterized by two consecutive peaks that technical analysts believe can signal a coming reversal of a stock’s momentum.

Technical analysts don’t address the fundamentals of a company’s business but analyze stock-price charts for clues about how shares are likely to behave 🔍

Some technicians argue that if Nvidia closes below $822.79, that would confirm the move and could lead to heavy selling.

Meanwhile, a close above $974 would indicate a bullish move and likely open the path for the stock to rise beyond $1,055, according to Larsson.

U.S. Economic Growth Remains Robust, No Matter How You Slice It 💪

No matter which data point you look at, the U.S. economy continues to grow at a robust pace.

Like inflation, there are several measures of economic growth, and these differing figures are starting to come into better balance ⚖️

Data shows the pace of U.S. economic growth proved to be even stronger than previously estimated in the fourth quarter.

The Bureau of Economic Analysis real gross domestic product grew 3.4% in the last three months of 2023, an upward revision from its previous estimate of 3.2%.

Another measure of economic growth paints an even stronger picture for the end of 2023 📈

The BEA on Thursday also released its first look at gross domestic income, or GDI, which calculates the income going to households and businesses from economic activity.

After trailing GDP dramatically throughout 2023, real gross domestic income jumped by 4.8% in the fourth quarter.

It was the first quarter that GDI outpaced GDP growth since the third quarter of 2022.

While the gap between the two economic measures narrowed in the fourth quarter, the annual level of GDI growth still trails GDP by a significant margin.

Over the course of 2023, real GDP grew by 2.5%.

GDI, however, only grew by 0.5%.

Some economists have carefully monitored the GDI’s overall slower pace of growth, fearing it might be another mixed signal that could indicate some kind of underlying economic weakness that the GDP data didn’t pick up.

Yet the measure’s pickup in the fourth quarter should alleviate much of those concerns, and it’s telling that both measures increased at a pace well above 3% in the fourth quarter 🚀

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AI Will Drive Big Demand For Copper, J.P. Morgan Says, 3 Stocks To Watch 👀

Surging demand for artificial intelligence might exacerbate a copper shortage later this decade, J.P. Morgan warns.

Copper is an essential component for power infrastructure upgrades based upon its electrical conductivity, use in wires, and relative low cost 🔌

Data centers will need to revamp their power and cooling systems as AI servers draw more power per square foot.

The implications for future copper demand are significant 🤑

Inner Circle Macro Update 🔍

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