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☆ Big Fidelity funds own more than $100 million in OpenAI stock, filings show
▼ + stars: | 2024-10-30 | by ( Samantha Stokes | ) www.businessinsider.com time to read: +2 min

Several big Fidelity funds valued their OpenAI stock in new filings on Wednesday. AdvertisementSeveral big Fidelity funds have stakes in OpenAI that the mutual fund giant valued at more than $100 million in total, according to filings on Wednesday. According to the Contrafund's monthly report, which was published on October 30 and includes financial information for the month of September, Fidelity valued those OpenAI shares at $74,801,903. The Blue Chip Growth fund's filing valued that stake at $29,421,124; the Growth Discovery Fund valued that stake at $3,433,000; the Capital Appreciation Fund valued that stake at $3,900,800; and the Stock Selector All Cap Fund valued that stake at $580,570. It was not immediately clear how many OpenAI shares Fidelity owns in total.

Persons: Fidelity, —, Sam Bankman, OpenAI Organizations: Fidelity, Service, Growth, Discovery Fund, Fund Locations: OpenAI

☆ Elon Musk's xAI startup could soon be worth many times more than X
▼ + stars: | 2024-10-30 | by ( Samantha Stokes | ) www.businessinsider.com time to read: +2 min

Elon Musk's xAI is raising fresh funding at a $40 billion valuation, the WSJ reported. Social media network X, meanwhile, is currently valued at $9.4 billion, according to Fidelity filings. AdvertisementA new funding round in the works for xAI could value Elon Musk's startup at more than four times what his social media network, X, is currently worth, according to recent Fidelity filings. The AI startup is reportedly in talks to raise funding at a $40 billion valuation, according to the Wall Street Journal. Assuming the investment was made at X's $44 billion valuation, the fund now estimates X's value to be around $9.4 billion.

Persons: Elon Musk's, —, Musk, ChatGPT, That's Organizations: Social, Fidelity, Service, Elon, Wall Street, Sequoia Capital, Growth Locations: a16z, xAI

☆ BBG Ventures raises $60 million for its latest fund and moves beyond just backing female founders
▼ + stars: | 2024-10-30 | by ( Leena Rao | ) www.businessinsider.com time to read: +4 min

New York-based BBG Ventures has raised a new $60 million fund. The latest fund will invest in both female founders and those with diverse backgrounds. Ten years later, the seed stage fund has raised a new $60 million fund and is moving beyond just backing female founders to any entrepreneur from a diverse background. AdvertisementWhen Verizon bought AOL in 2015, BBG Ventures separated and raised a new $50 million fund. Related storiesDua explained that the decision to move beyond exclusively backing just female founders reflects the duo's shift in thesis around innovation.

Persons: —, VCs, Susan Lyne, Nisha Dua, Lyne, Dua, Nordstrom, clamoring Organizations: BBG Ventures, California Endowment, Mizuho, Service, AOL, Founders, Spring Health, Verizon, State of Michigan Retirement Services, Illumen, Investments, Fairview Capital, Bank of America Locations: York, U.S, Spring, Nara, Dua, Lyne

☆ Saudi Arabia is pulling back on a global spending spree to focus on its own projects
▼ + stars: | 2024-10-30 | by ( Polly Thompson | ) www.businessinsider.com time to read: +4 min

Now the Kingdom plans to cut its foreign investment to prioritize domestic spending. AI is the new focus of investment as Saudi Arabia looks to position itself as a global technology hub. AdvertisementSaudi Arabia is pulling back on its global spending spree to focus on domestic investments. In September, Saudi Arabia held the third Global AI Summit, attracting a host of high-profile leaders and dealmakers. The new focus on domestic investment comes as Saudi Arabia's spending on Neom, its futuristic megacity in the desert, hit $1 trillion.

Persons: —, Yasir Al Rumayyan, we've, Al Rumayyan, Yasir Al, Rumayyan, Hamad I Mohammed, Uber, Andreessen Horowitz Organizations: Service, Public Investment Fund, Future Investment, Economic, REUTERS, Investors, Saudi Press Agency, Financial Times, Saudi, AI, Bloomberg, Sindalah Locations: Saudi, Saudi Arabia, Riyadh, Davos, Switzerland, Neom

They argue that Casey, a middle-of-the-road liberal, had previously not been at the forefront of the populist economic turn in both parties. Casey’s Senate website dedicates an entire page to “greedflation,” which he also discussed at length in his speech at the Democratic National Convention this summer. The core of Casey’s argument is the assertion that, from July 2020 to July 2022, corporate profits rose five times faster than overall inflation. I would concede the economy has gotten better,” said McCormick, who has run an ad to counter Casey on the topic. “If you’re living paycheck to paycheck, you’re still in the grind, and that’s what I think Bob Casey and Kamala Harris do not understand.

Persons: Sen, Bob Casey, “, Casey, “ greedflation, ”, Mike Mikus, ” Dave McCormick, I’m, they’re, they’ve, “ greedflation ”, Joe Biden, Kellogg’s, Clark, Proctor, McCormick, ” Sen, Raphael Warnock, Donald Trump, Maria Collett, greedflation ”, “ It’s, ‘ greedflation, Biden’s, Kamala Harris, Harris, pollsters, you’re Organizations: GOP, Democratic, Republican Senate, Federal Trade Commission, Senate, Gamble, Disney, Convention, Federal Reserve Bank of Kansas, NBC, San Francisco Federal Reserve, The Washington Post, Republican, NBC News, Republicans, ” “, Federal Reserve Locations: ”, Pennsylvania, Haverford Township, Kimberly, Federal Reserve Bank of Kansas City, U.S

In each case, the state has a ballot question about abortion rights. The group previously donated seven figures separately in Arizona, Florida and Nevada, which all are attempting to codify abortion rights in their states. Think Big would not provide more specifics about donation amounts; a recent filing in South Dakota revealed last week it gave $500,000. Pritzker is on the road in battleground states campaigning for Vice President Kamala Harris, as well as advocating to codify abortion rights in Arizona, Nevada, Wisconsin and other states. Think Big has provided financial investment to the abortion-rights referendum efforts, as well as communications, political and research support.

Persons: JB Pritzker, —, Pritzker, Kamala Harris, JB, Tom Williams, “ We’ve, ”, Mike Ollen, We’re, ” Pritzker, Harris, Tim Walz, “, he’s, ” Ollen, we’re Organizations: CHICAGO, Illinois Gov, NBC News, Inc, Getty, Minnesota Gov, Democratic, Chicago, Democratic National Locations: Maryland, South Dakota , Nebraska, Missouri, Arizona , Florida, Nevada, Montana, South Dakota, Arizona , Nevada , Wisconsin, Nebraska, Illinois

☆ Data startup Matia just emerged from stealth with a $10.5 million seed round — check out its 11-slide pitch deck
▼ + stars: | 2024-10-29 | by ( Riddhi Kanetkar | ) www.businessinsider.com time to read: +3 min

Miami-based data operations startup Matia has secured $10.5 million in seed funding. BI got an exclusive look at the 11-slide pitch deck Matia used to secure the fresh funding. AdvertisementMiami-based data management startup Matia has just come out of stealth with $10.5 million in seed funding. The startup's pitch deck, shared exclusively with BI, states that it has four early customers and 10 companies who are showing "strong interest." Check out the 11-slide pitch deck used to secure the fresh funding.

Persons: —, Benjamin Segal, Segal, Matia, Benjamin, Geva Organizations: BI, Service, Leaders Fund, Cerca Partners, Caffeinated Locations: Miami

☆ Investing in Japan after the elections? The pros share their take
▼ + stars: | 2024-10-29 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +4 min

The outcome of this snap election signals that Ishiba may face difficulties in getting his party's policies passed in parliament. These include "more fiscal stimulus measures," and a cut in tax rates, Okamura added. His comments come amid expectations of the Bank of Japan leaving its rates unchanged at its meeting on Oct. 31. 'High-quality companies' Okamura is now betting on "higher quality companies with good pricing power." The five are also among the top holdings in the 19.1 billion yen (124.6 million) Japan Equity Engagement Fund .

Persons: Shigeru Ishiba's, Komeito, Izumi Devalier, CNBC's, Neuberger Berman's Kei Okamura, Okamura —, —, Okamura, bode Organizations: Liberal Democratic Party, Bank of America, Nikkei, Tokyo Stock Exchange, Bank of Japan's, U.S . Federal Reserve, Fed, Bank of Japan, Hitachi, Mitsubishi Logistics, Tokyo Marine Holdings, Japan Equity, Tokyo Marine Locations: Japan, Tokyo, shareholdings

☆ Why Citadel's longest-running equities unit is focused on shorting stocks
▼ + stars: | 2024-10-29 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +3 min

Justin Lubell, Citadel's Global Equities head, said shorting has been a big driver of returns. There's less competition in the space compared to going long on stocks, he said. Anthony Bozza, the founder of Lakewood Capital, called those who know who to short stocks a "dying breed." AdvertisementWhile some big bets against specific stocks have blown up in hedge funds' faces in recent years, there's still a focus on shorting at Citadel's longest-running equities unit. Related storiesEven investors known for bold short bets have moved away from the practice.

Persons: Justin Lubell, shorting, Anthony Bozza, —, there's, Ken Griffin's, Lubell, Robin, Gavin Baker, Lee Ainslie, Steve Cohen's Point72, Gabe Plotkin's Melvin Capital, Pershing, Bill Ackman, Bozza Organizations: Citadel's Global, Service, Citadel's, Citadel Global, Robin Hood Investors Conference, Business, Management, Lakewood Capital, Maverick Capital, GameStop, Lakewood Locations: Lakewood Capital, New York

☆ CNBC Daily Open: Stocks are entering the hottest period of the year
▼ + stars: | 2024-10-29 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Trump accuses Taiwan of stealing businessFormer U.S. President Donald Trump accused Taiwan of stealing the country's chip business, he said on "The Joe Rogan Experience" podcast. Bernstein analyst Stacy Rasgon told CNBC the idea of Taiwan stealing the U.S.'s chip industry is "ridiculous." [PRO] Tech might be in trouble, chart showsThe bursting of the 2000 dot-com bubble was one of the worst moments ever for tech stocks.

Persons: Thomas Schäfer, Trump, Donald Trump, Joe Rogan, Bernstein, Stacy Rasgon Organizations: CNBC, Big Tech, Philips, Volkswagen, U.S, New York Stock Exchange, bourse, Intercontinental Exchange, Tech, Wolfe Research Locations: New York City, China, Germany, Taiwan

☆ I taught college-bound seniors for a decade. Here's what many wanted their parents to know about college admissions.
▼ + stars: | 2024-10-29 | by ( Alexandra Frost | ) www.businessinsider.com time to read: +6 min

Most students want their parents to know that they are stressed about paying for college, too. AdvertisementI was a teacher for 10 years, and many high school students would take refuge in my classroom during lunchtime. AdvertisementKids want to choose their major and don't want parents' inputIt's the first question any new college student gets repeatedly: What's your major?" I watched numerous groups of students choose the same college so they wouldn't be separated. All of this can be more easily achieved if parents and college-bound kids are open to having conversations.

Persons: —, Taylor, it's, I'm, aren't, couldn't Organizations: Service Locations: America

☆ Big Tech stocks have a high earnings bar to clear
▼ + stars: | 2024-10-29 | by ( Fred Imbert | ) www.cnbc.com time to read: +2 min

Overall S & P 500 profit growth is tracking below what analysts anticipated heading into the reporting period. Still, the S & P 500 is less than 1% below a record high reached earlier this month. Solita Marcelli, UBS Global Wealth Management chief investment officer for the Americas, also warned that high valuations could be a problem for megacap tech stocks as earnings roll out. Technical patterns based on price charts aren't too favorable, either, heading into megacap tech earnings. The Technology Select Sector SPDR Fund (XLK) in June hit its highest level relative to the S & P 500 since March 2000 , when the dot-com bubble peaked.

Persons: Solita Marcelli, Marcelli, Wells Fargo Organizations: Google, Microsoft, Apple, Nasdaq, UBS Global Wealth Management, Netflix Locations: Americas

☆ Alibaba and more: Fund manager gets bullish on 3 China tech stocks — expecting one to double
▼ + stars: | 2024-10-29 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

Hsu, founder and chairman of Rayliant Global Advisors, told CNBC's Pro Talks that Alibaba , JD.com , and Pinduoduo are among his top picks. If signs of consumption growth return to China, he suggested the stock could climb to $200 per share or double from current levels. BABA 1Y line Hsu said he views JD.com similarly to Alibaba, with his preference between the two mainly driven by valuation metrics. PDD Pinduoduo underperformed the broader Chinese stock market this year and has fallen by 14% so far this year. Baidu Not all Chinese technology stocks are equally attractive.

Persons: Jason Hsu, Hsu, CNBC's, BABA, CNBC's Tanvir Gill, JD.com, They've, —, Evelyn Cheng Organizations: Rayliant Global Advisors, Baidu, Alibaba's, Wall Street, China Equity ETF, Google Locations: China, Beijing, Alibaba's New York

☆ Watch Tuesday's full episode of Mad Money with Jim Cramer — October 29, 2024
▼ + stars: | 2024-10-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch Tuesday's full episode of Mad Money with Jim Cramer — October 29, 2024"Mad Money" host and former hedge fund manager, Jim Cramer, provides stock traders with all manner of investing advice.

Persons: Jim Cramer —, Jim Cramer

☆ How to keep your portfolio steady in volatile times as the election approaches
▼ + stars: | 2024-10-29 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +5 min

The S & P 500 is toting a 1.3% gain in October, but it's up more than 22% in 2024. He said his team expects the CBOE Volatility Index (VIX) , a measure of expected volatility, to remain elevated around 20 until after Election Day. Individual investors are already expressing some worries about how the markets might behave in the run-up to Nov. 5 – and the days that follow. Cash-secured puts can offer investors an opportunity to put cash to work and generate some income, he said. Covered call strategies have also come into play as a potential way for investors to contend with concentrated positions, he added.

Persons: Craig Johnson, Piper Sandler, Logan Queck, I'm, Malcolm Ethridge, Ethridge, they've, Ashton Lawrence, Cash, Lawrence Organizations: Wealth, CFP, Capital, IRS, Investment Company Institute, Mariner Wealth Advisors Locations: West Des Moines , Iowa, Washington ,, Greenville , South Carolina

☆ Steve Schwarzman says Trump would be an 'efficient and effective' president this time — and Ken Griffin thinks he'll win
▼ + stars: | 2024-10-29 | by ( Polly Thompson | ) www.businessinsider.com time to read: +3 min

Blackstone CEO Steve Schwarzman said he thinks Trump would make a better president the second time around. He's uncertain about the election result, though Citadel's Ken Griffin said he expects Trump to win. AdvertisementSteve Schwarzman said he thinks Donald Trump would be more "efficient and effective" if he wins next week's election. Citadel founder and CEO Ken Griffin, who was also on the panel, was more assured of the election's outcome. Citadel founder Ken Griffin expects Donald Trump to win the 2024 election.

Persons: Steve Schwarzman, Trump, Ken Griffin, —, Donald Trump, Schwarzman, Mike Blake, Griffin, Alan Murray Organizations: Saudi Arabia's Future Investment, Service, Blackstone, Future Investment Initiative, Saudi, Republican, Bloomberg, Citadel, White Locations: Davos

☆ Larry Fink says the Fed won't cut interest rates as much as markets expect this year
▼ + stars: | 2024-10-29 | by ( Natasha Turak | ) www.cnbc.com time to read: +3 min

The U.S. Federal Reserve won't cut interest rates as much as markets expect because "embedded inflation" is too high, Blackrock CEO Larry Fink said Tuesday, speaking at a CEO-studded panel in Riyadh, Saudi Arabia. The Biden administration's legislation, such as the Inflation Reduction Act and the Infrastructure Investment and Jobs Act, have pushed those efforts forward. "Today, I think we have governmental policies that are embedded inflationary, and, with that being said, we're not gonna see interest rates as low as people are forecasting," Fink said. The Fed cut its benchmark rate by 50 basis points in September, signaling a turning point in its management of the U.S. economy and in its outlook for inflation. In late-September reports, strategists at J.P. Morgan and Fitch Ratings predicted two additional interest rate cuts by the end of 2024, and expect such reductions to continue into 2025.

Persons: Andrew Ross Sorkin, Larry Fink, Saudi Arabia . Fink, " Fink, onshoring, we're, Fink, Morgan, Goldman Sachs, Carlyle, Morgan Stanley Organizations: BlackRock, New York Times DealBook, Jazz, Lincoln Center, U.S . Federal, Blackrock, Saudi, Future Investment Initiative, Biden, Infrastructure Investment, Jobs, Fed, Fitch, U.S . Bureau of Labor Statistics, Standard Chartered Locations: New York City, Riyadh, Saudi Arabia, China, U.S

☆ Watch Monday's full episode of Mad Money with Jim Cramer — October 28, 2024
▼ + stars: | 2024-10-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch Monday's full episode of Mad Money with Jim Cramer — October 28, 2024"Mad Money" host and former hedge fund manager, Jim Cramer, provides stock traders with all manner of investing advice.

Persons: Jim Cramer —, Jim Cramer

The comedian who let loose a series of racist jokes, some about Puerto Rico, at former President Donald Trump’s Madison Square Garden rally on Sunday night workshopped the material the night before at a local comedy club. I love Puerto Rico and vacation there." There, Puerto Rican voters stand to be a deciding electorate. More than half of the nearly 580,000 eligible Latino voters in Pennsylvania are of Puerto Rican descent. The Republican Party of Pennsylvania is leading efforts to engage Latino and Puerto Rican voters in the state.

Persons: Donald Trump’s, Tony Hinchcliffe, Hinchcliffe, Trump, Vianca Rodríguez, Danielle Alvarez’s, ” Hinchcliffe, Hurricane Maria, Rafael Collazo, Puerto Ricans, Kamala Harris, Harris, Collazo, ”, Bunny, Marc Anthony, Trump “, Maria, “, Donald Trump, Peter W, Stevenson, Jennifer Lopez, Ricky Martin, Lin, Manuel Miranda, “ Despacito, Luis Fonsi, María Elvira Salazar, Sen, Rick Scott, Jenniffer González Organizations: New, Trump, NBC, Noticias Telemundo, Republican National Committee, Puerto Rico, Hurricane, Puerto Rican, Puerto Ricans, Mexican, Puerto, Reading, of Housing, Urban Development Office, Madison, Washington, Getty, Michigan, Latino, Politics Institute, UCLA, Republican Party of Pennsylvania, Republican Party, GOP Locations: Puerto Rico, New York City, Madison, Spanish, Puerto, Puerto Rican, U.S, Pennsylvania, Philadelphia, New York, America

A North Carolina man's used a $20 bill he discovered on the ground to purchase a lottery scratch-off ticket that won him a $1 million top prize, officials said. NC LotteryThe find was made Oct. 22 outside a Speedway gas station and convenience store in Boone, North Carolina, the NC Education Lottery said in a statement Friday. He told lottery officials he'll use the money to help his children and to retire after more than five decades as a carpenter, according to the NC Education Lottery statement. On Monday, NC Education Lottery officials said Cynthia Moore of Smithfield was the first, $1 million top-prize winner for its Cashword scratch-off game, introduced in August, after she purchased a $10 ticket at a market in Wilson. For two years in a row, lottery officials said in August, NC Education Lottery games have earned more than $1 billion for public schools and other education programs, contributing it to the state's more than $15 billion in annual education spending.

Persons: Carolina man's, Jerry Hicks, Hicks didn't, “, ”, Hicks, they’ve, Cynthia Moore Organizations: NC, Lottery, NC Education Locations: Carolina, Boone , North Carolina, Banner Elk, Avery County, North Carolina, Smithfield, Wilson

☆ This crypto business just acquired a Swiss asset manager to take their business to the next level
▼ + stars: | 2024-10-28 | by ( ) www.businessinsider.com time to read: +4 min

The acquisition of Crypto Finance Asset Management by Matrixport is taking the crypto financial services hub into new markets. The new acquisition is an entry point to the European crypto asset management marketKeen to maximize what it offers its investors, Matrixport has gone one step further through the 100% equity acquisition of Crypto Finance (Asset Management) AG (CFAM), a licensed Swiss crypto asset manager. Previously part of the Deutsche Börse Group-owned Crypto Finance Group, following the all-cash acquisition, CFAM will be renamed to Matrixport Asset Management (MAM). Through the acquisition, Matrixport gains entry into the European crypto asset management market. With such an array of services available, the acquisition enables clients access to innovative crypto asset management products.

Persons: Matrixport, Keen, CFAM Organizations: Crypto Finance, Management, Asset Management, Deutsche Börse, Matrixport Asset, Swiss Financial Market Supervisory Authority, MAM, US Securities, Exchange, underwriters, APEX Group, Insider Studios Locations: Swiss, Europe, Hong Kong, Matrixport

☆ Japan's central bank to remain undeterred on rate hikes despite LDP's electoral shock, analysts say
▼ + stars: | 2024-10-28 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +2 min

Japan's longtime ruling Liberal Democratic Party may have suffered an election shock, but analysts said that's unlikely to deter the Bank of Japan from its interest rate hike cycle. In Sunday's elections, the LDP lost its majority in Japan's lower house for the first time since 2009. Besides its junior coalition partner Komeito, the LDP will need to work with other parties to form a government. The political turmoil comes ahead of a Bank of Japan meeting this week. Roughly 86% of economists polled by Reuters expect the central bank to leave its rates unchanged when it announces its decision Thursday.

Persons: Kazuo Ueda, Japan's, Komeito, David Boling, CNBC's, they're, Izumi Devalier, Devalier, you've Organizations: Japan, International Monetary Fund, World Bank, Liberal Democratic Party, Bank of Japan, LDP, Eurasia Group, Reuters, Bank of America Locations: Washington , U.S, Japan

☆ The one big fear that could upend the bull market
▼ + stars: | 2024-10-28 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

A chain reaction sparked by continued inflation could put the bull market to rest, according to Trivariate Research. As the bull market enters its third year, investors are wondering how much more room there is to run before a pullback is due. Now, Fed funds futures are pricing in a more than 95% likelihood of another drop to the borrowing costs at the central bank's November gathering, according to CME's FedWatch tool. In 2021 and 2022, Parker said there was a "strong and statistically significant relationship" between Fed funds futures and the price-to-earnings multiple on growth stocks. Though that connection now looks different, the Morgan Stanley alum said he would be "surprised if multiples did not compress meaningfully" if the expectation for the Fed funds rate rises from 3.5% to 5% or above.

Persons: Adam Parker, Paul Tudor Jones, Stanley Druckenmiller, Parker, Morgan Stanley, Kamala Harris, Donald Trump, Tudor Jones, Dow Jones Organizations: Research, Federal Reserve, CNBC, Dow

☆ I have 5 kids and can't pay for their college. I decided not to do a 529 plan, and here's how we are helping them out instead.
▼ + stars: | 2024-10-28 | by ( Kate Wehr | ) www.businessinsider.com time to read: +6 min

Instead of going with 529 plans, we went with UTMA custodial accounts instead; here's why. Here's why we decided UTMA accounts were best for our family situation. UTMA accounts are flexibleWhile 529 plans must be used for education-related expenses, the options for UTMAs are much broader. Like 529 plans, UTMA account contributions are post-tax, meaning that income taxes have already been paid on the money being deposited. AdvertisementWe realize 529 plans would give us more direct control over our children's spending, but sooner or later, they're going to have to grow up.

Persons: —, Andy Esser, Edward Jones, Esser, that's, haven't, We're Organizations: Service, Business

☆ Tech stocks could be in for a reckoning, this chart shows
▼ + stars: | 2024-10-28 | by ( Fred Imbert | ) www.cnbc.com time to read: +2 min

Since then, the XLK is down 6% relative to the broad market index. "The level it peaked at almost exactly coincides with where the Tech ETF peaked on a relative basis in 2000. Not exactly what you want to see if you're an investor putting new money to work within Tech," he wrote. The SMH closed Friday at $252.96, and the strategist expects the $233 level to be tested near term. "We still exercise some degree of caution when we view Technology stocks, as short term trends and near-term momentum appear to be stalling," O'Hara wrote.

Persons: Wolfe, Rob Ginsberg, Ginsberg, Roth MKM, JC O'Hara, O'Hara, Wells Organizations: Wolfe Research, Tech ETF, VanEck Semiconductor, Nasdaq, Dow Jones, Microsoft, Apple Locations: Wells Fargo

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