The stock market closed in the red on Friday. S&P 500 and NASDAQ snapped its six-day winning streak. Nevertheless, the two indices recorded weekly gains as the latest economic data boosts investors’ confidence on the health of the US economy.
Overall, S&P 500 dropped 0.1% to 4,891, while NASDAQ fell 0.4% to 15,455.
Tweet of the Day
Nvidia’s $NVDA 2024 GPU shipments are rumored to rise to 4 million, up from an estimated 1.8 million in 2023, as the company rolls out its H200 and B100 GPUs.
— Beth Kindig (@Beth_Kindig) January 18, 2024
Chart of the Day
Here is the one-year chart of Accenture (ACN) as of January 3, 2024, when the stock was at $338.
Accenture is gaining momentum in Generative AI consulting. The company did $450 million in Generative AI sales last quarter, compared to $200 million in sales 2QtrsAgo and $100 million 3QtrsAgo. In addition, it continues to invest significantly to extend its leadership in Generative AI and is also investing in AI acquisitions. Management is seeing significant demand for cloud migration and modernization including Gen AI platforms and security. The company had strong double digit growth in cloud last quarter. It estimates only 40% of big-company workloads are in the cloud, with only 20% modernized. Management thinks less than 10% of companies have mature data and AI capabilities. Accenture also had strong double-digit growth in cybersecurity during the quarter.
ACN is part of the Conservative Growth Portfolio.
