The stock market closed lower on Monday as indices took a pause after five consecutive weekly gains. Investors also await key November jobs report that is set for release on Friday.
Overall, S&P 500 fell 0.5% to 4,570, while NASDAQ declined 0.8% to 14,185.
Tweet of the Day
1/ $GOOG may be best biz in history of capitalism – but clear that GPT answers are increasingly replacing 10 blue links – happens slow then fast. And while $GOOG will have a dog in the fight against ChapGPT, Co-pilot, Meta AI, Apple, etc – unlikely to replicate its monopoly. pic.twitter.com/J3awRkYZIa
— Brad Gerstner (@altcap) December 4, 2023
Chart of the Day
Here is the ten-year chart of Arista Networks (ANET) as of November 8, 2023, when the stock was at $210.
Arista Networks posted excellent results last quarter, beating analyst estimates and driving the stock to break out once more. Profit grew 46% during the quarter and beat estimates of 26%. But what I really liked was Meta (META) in their own earnings release stating some positives on networking spend. Meta is perhaps Arista Network’s biggest customer. Here are some takes in Meta’s earnings release:
- Meta expects higher infrastructure-related costs next year.
- Meta expects 2023 capital expenditures around $28 billion.
- Meta expects 2024 capital expenditures of $33 billion, with growth driven by investments in servers, including both non-artificial AI and AI hardware.
ANET is one of our largest positions in the Growth Stock Portfolio and Aggressive Growth Portfolio. This stock is a true market leader at this time.
