Taking Stock with Steele
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Taking Stock with Steele is our newsletter where we share our insights and expertise. Our goal is to ensure our clients are well informed. We shift through the noise and only bring important topics of discussion and planning points that are relevant and useful. We believe Knowledge Pays and we want our knowledge to pay for you.
Artificial intelligence (AI) stocks have put the markets on their backs so far in 2024. The more notable AI stocks – Nvidia (NVDA) and Super Micro Computer (SMCI) – were up 82% and 255% respectively in the first quarter, with the latter going from a nearly unknown stock to being included in the S&P 500 in a matter of months. The strong quarterly performance reflected a continuation of the AI trend which began in late 2022 following OpenAI’s unveiling of Chat-GPT 3.5.
Nvidia controls roughly 80% of the high-end AI chip market while Super Micro designs and builds AI servers for its customers. Both are well suited to benefit from the increase in AI related spending. Nvidia and Super Micro are two the biggest beneficiaries of the AI boom, with quarterly revenues rising ~265% and ~100% over the past year, partly justifying the stocks’ price moves we’ve seen over the past year. Many other stocks that have been lumped into the AI stock bucket – Palantir (PLTR), C3.ai (AI), Marvell Technology (MRVL) – to name a few, have not seen revenues grow in such an impressive way and yet their stocks have jumped on investors’ AI enthusiasm.
Check out the most recent Client Insights Webinar with Raymond James’ VP of Tax Consulting, Debbie Wong where she goes over the biggest income tax changes for 2024. Covering topics such as Bare Trusts, and the proposed updates to the Alternative Minimum Tax (AMT), this webinar will keep you up to date with all the changes coming in the 2024 tax year.
Watch the full recording HERE
Did you know that we share insights and expertise on social media? We’d like to share our social media excitement by having a contest that ties in with charitable giving! It’s simple to enter. And you can win a beautiful bag handcrafted by women in Uganda. Your Steele Wealth Management team strongly believes that strategic charitable giving is a way to express gratitude, support emotional wellbeing and is an essential part of a successful financial plan. We explain how a charitable foundation can be a part of your plan.
Understanding the Canada Pension Plan (CPP) and all of its intricacies takes a lot of self-study. Something as simple as estimating one's retirement, spousal or disability benefits, something we help clients with at Steele Wealth Management, can take a good amount of time...One CPP-related topic we thought it would be valuable to highlight is the Child Rearing Dropout Provision (CRDO)