Pedestrians walk by a sign in front of a Broadcom office on December 12, 2024 in San Jose, California.
Justin Sullivan | Getty Images
My top 10 things to watch Friday, Dec. 13
1. Insatiable demand for AI computing from all hyperscalers, including Apple. That’s the takeaway from Club holding Broadcom’s earnings report, which has shares soaring more than 17%. CEO Hock Tan estimated its “serviceable addressable market” for AI is $60 billion to $90 billion by 2027. I also would be careful betting against the sagging Nvidia after this, even as people dissemble about the fellow Club stock almost daily.
2. My trusted momentum indicator, the S&P Short Range Oscillator, is at minus 2.19 after Thursday’s down session. Looking for this to bottom soon. Anything below minus 4 signals the market is oversold, which is usually my cue to put some money to work. Wall Street is set to open higher Friday.
3. Quite a few catch-up price target bumps for Club name Costco after the retailer’s better-than-expected earnings report last night made clear that its model is working worldwide more than ever. We also lifted our PT on the stock despite already hovering near record highs.
