Hey, Risers!
Good news, bad news.
Last week’s fears gave way to hope, largely due to bullish Nvidia earnings, but the price action reversals we saw later in the week were unexpected. Mixed earnings reports and economic data dominated other news. Are we preparing to climb the wall of worry? Honestly, we have no idea, but we believe in a consistent, long-term approach.
99rises performance: Our three main long-short blocks are flat to up in 2023 after outperforming the Nasdaq 100 Index by 23-38% in 2022.
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Economy & Markets
Rate of change.
Looking for Work
Looks like the job market may not be as strong as previously thought. The Bureau of Labor Statistics will likely revise payroll figures down by 306,000. This is a preliminary estimate, with final data reported next year. Some feared that this revision could be even higher.
Our take: A small adjustment (0.2%), but incrementally weak.
No Interest
Mortgage rates climbed yet again, topping 7.3% for conforming loans–the highest level in 23 years. Last week’s figure was 7.16%. Unsurprisingly, mortgage applications fell by 4.2% for the week and 30% from last year’s figure.
Our take: Affordability is a thing of the past.
House Hunting
Existing home sales in July fell by 2.2% from June, and 16% from last year. This is the slowest pace since 2010. Only 1.1 million homes were listed for sale at the end of the month, which is the lowest since 1999.
Our take: Hard to sell your house in this environment.
Learning Block: The Rise of the GPU
The more you know, the faster you go.
A graphics processing unit (GPU) is a specialized electronic circuit designed to rapidly manipulate and alter memory to accelerate the creation of images in a frame buffer intended for output to a display device. GPUs are used in a wide variety of applications, including video games, computer-aided design, scientific visualization, and machine learning.
GPUs are highly parallel processors, meaning that they can perform many calculations at the same time. This makes them well-suited for tasks that involve processing large amounts of data, such as rendering 3D graphics. GPUs are also becoming increasingly popular for machine learning applications, as they can be used to train and deploy deep learning models.
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