The StockDr & Team are back to discuss all the compelling headlines with the Markets this week. AMZN, TSLA, DIDI, HOOD, and BTC continue to revel in the spotlight, I guess it’s true what they say, “there is no such thing as bad publicity”. Did a New York Lake just become the world’s largest hot tub? Stick around to find out!
Amazon finally broke out this week from their 10-month base, the move transpired on very high volume. Their market capitalization has increased $102.86 billion since Thursday to reach $1.83 trillion. With this move, Amazon now joins the likes of Facebook and Google, unlike Netflix who continues to lag and hold their fellow FANG stocks back.
TSLA hit a company record for Q2 in deliverables, by announcing last week that they produced and delivered more than 200K cars to customers for the first time.
Robinhood is going HOOD, at least with their ticker. Last Thursday they filed an S-1 for an IPO. Robinhood’s funded accounts reached 18m vs. 7.2m in March 2020 (+151%). Assets under their custody are $80B vs. $19.2B in March 2020 (+417%). Revenue hit $522m in Q1 2021 vs. $128m in Q1 2020 (+309%). 60% of their sales come from payment for order flow, and they paid a record $70M fine to FINRA a day before filing its IPO papers.
Recent IPO DIDI got hammered yesterday as the Chinese government announced it would not allow new users to download the app while it conducts a cybersecurity review. App stores were told to stop offering the app 2 days after IPO on the NYSE. The directive came after regulators found Didi had illegally collected users’ personal data. In June they were probed for Anti-trust violations which were disclosed in their prospectus.
REvil Hackers are back, and this time hacked more than 1 million systems through Kaseya, a software firm to a lot of small businesses including Dentists and Accounting Firms. They want $70 million in Bitcoin; this makes it the largest ransomware attack in history.
The Millennial Moment presented by our Mega-llennial, Nikki Ward discussed complaints expressed by residents regarding the environmental impact a Bitcoin mining plant is wreaking on their small Bucolic Region of Upstate New York.
At the Bitcoin Mining Plant, the computers operate 24/7, burning through an astounding amount of real energy, and producing real pollution, while collecting virtual currency. The plant draws 139 million gallons of water from Seneca Lake for cooling, then discharges 135 million gallons of the warmed water back into the lake. Locals have blamed bitcoin mining for heating up the largest of the Finger Lakes in upstate New York, with one saying it's "so warm you feel like you're in a hot tub”. The discharged water can be as hot as 108 degrees in the summer and 86 degrees in winter. Rising water temperatures can stress fish and promote toxic algae blooms. The plant currently has a permit to emit 641,000 tons of carbon dioxide every year, though if Atlas wants to maximize its return on investment and use all 106 MW of the plant’s capacity, its carbon pollution could surge to 1.06 million tons per year. If that’s the case, air quality and wildlife don’t stand a chance.
This week’s meeting of the minds was brought to you by the Siler Wealth Management Team.
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