On Thursday, S&P 500 and NASDAQ rebounded from a pullback driven by the higher-than-expected inflation. Big Tech stocks led the rally during the day. Meanwhile, Producer Price Index increased 0.2% in March, lower than estimates.
Overall, S&P 500 rose 0.7% to 5,199, while NASDAQ jumped 1.7% to 16,442.
Tweet of the Day
GOLDMAN: “.. US Tax day is April 15th. Seasonality will likely come into play here as the retail community tends to sell stocks into 4/15 to raise cash for these payments. Post payments we have historically seen a bullish trend develop."
(via @dailychartbook) $SPX 🇺🇸 pic.twitter.com/oIL9x3Vj2b
— Carl Quintanilla (@carlquintanilla) April 3, 2024
Chart of the Day
Here is the one-year chart of Cadence Design Systems (CDNS) as of March 13, 2024, when the stock was at $311.
Cadence Design Systems continues to pursue Artificial Intelligence (AI) to solidify its core business. In last quarter’s earnings call, management stated that the company is at the forefront of the AI revolution, closely partnering with marquee companies on their trailblazing AI design for training and inference from cloud to the edge. It added Voltus InsightAI for automatically addressing voltage drop violations or for intelligent power analysis. This Voltus InsightAI integrates generative AI technology to predict IR drop issues early in the design phase, enhancing productivity and improving power, performance, and area (PPA) in designs.
Recently, Cadence Design Systems launched Celsius Studios for AI-driven full system thermal analysis. This is the industry’s first complete AI thermal design and analysis solutions for electronic systems. It also introduced The Millennium M1 platform – the first accelerated multiphysics supercomputing platform that combines AI, HPC and digital twin technology. Such delivers 20x energy efficiency and up to 100x design impact.
CDNS is on the radar for the Growth Portfolio. With a P/E of 52, the stock seems rich.
