The stock market sank on Wednesday after the Federal Reserve warned that interest rates may stay higher in 2024. It also projected one more rate hike in 2023, as it tries to get inflation back to 2%.
In its recent meeting, the central bank held interest rates steady.
Overall, S&P 500 fell 0.9% to 4,402, while NASDAQ was down 1.5% to 13,469.
Tweet of the Day
Cloudflare delivered a better than expected earnings report in Q2, with particular strength in large customer additions and improved operating leverage. In this post, I review the results and gauge the impact of their expanding product offerings. $NEThttps://t.co/LPG7ZYb1My
— Software Stack Investing (@StackInvesting) September 18, 2023
Chart of the Day
Here is the one-year chart of Cloudflare (NET) as of August 31, 2023, when the stock was at $65.
Cloudflare speeds up data across your website/network and has cybersecurity functions as well. The company utilizes edge computing, which entails placing edge servers all-around the world. The decrease in distance between the server and the user becomes decrease time, making it quicker for data storage and computations.
Cloudflare Workers could be a catalyst for Cloudflare in terms of AI development. Workers is a serverless computer platform that allows developers deploy new applications anywhere in the world. Most of these platforms are located at centralized data centers, but that may be far away from the developer. With Cloudflare, the code is deployed in more than 200 locations, making the program super fast. Cloudflare Workers currently has 10 million active workers applications as of the last quarter, an increase of 490% from a year ago. Management claims Workers is the preeminent developer platform for AI companies.
NET is part of the Aggressive Growth Portfolio, and on the radar for the Growth Portfolio.
