An Update on My InstaCart Trade and Other Stocks
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Good afternoon traders!
The big news in the markets today is Nvidia earnings, another huge beat- numbers below:
Revenue: $22.1B vs. $20.4 est.
EPS: $5.16 vs. $4.63 est.
Gross Margin: 76.7% vs. 75.4% est.
Q1 Guide: Sees $24B (+/- 2%) vs. $21.9B est.
The earnings shut down all the gurus stating “demand has slowed“, etc. and has validated the idea that this AI-craze still has steam to the market.
The main reason I’m writing this article today is to give an update on my Instacart trade which I had posted about a few days ago after earnings as a notable short squeeze candidate:
CART is now touching $30 from $26 in just a few days hitting a first major PT. I think this still has room to go but I was giving the update because short interest has tanked to 8% of the float on S3, my data provider. Not sure what has happened but it’s worth updating because this changes the thesis of my trade.
That being said, there are some other setups I like in the market today.
The first is $HOOD Robinhood with this beautiful breakout and flag setup. PT $17
Hood employees -6% but rev/per employee +35%
Also 55mm share buyback and they are big in the crypto space which is getting traction again
My AI stock pick would be BIDU, and although this is China, I think they’re making waves in there AI space and that’s going to take over investor sentiment on this one.
Thanks for reading, share if you can, and have a great week,
Adit Dayal