Do We Trust the Meme?
Here we go again. GameStop Corp (GME) once again made headlines as it was projected to start strong on Monday morning market open. And start strong it did. GME went from $22.91 at Friday’s close and opened Monday morning at $40.08. However, it quickly dropped, ending the day (still at an overall gain) at $28.57. And just in case anyone is out there still waiting on AMC, the disgraced meme stock closed Monday at $4.81. Nvidia (NVDA) on the other hand continues its hot hand, closing Monday and $1,150.00, its highest on record. The stock split is announced for the end of this week, and we should see a much lower price come next Monday. For those looking to get into the stock, waiting for the split might be the opportunity they need to be able to afford such a hefty price.
Technical Errors on Wall Street
Technical errors plagued the New York Stock Exchange for a brief time Monday afternoon. Some stocks showed down over 99%, causing a trading halt until the issue was fixed. Berkshire Hathaway, which ended the day at $631,110.10, plummeted with the error the way down $185.10 briefly causing a major scare. Though this was quickly and easily explained as a technical error, some still saw a doomsday scenario unfolding before their eyes.
Microsoft Layoffs – AI to Blame?
Along with many other technology companies this year, Microsoft will lay off employees who are working in their Azure/HaloLens department. Microsoft contacted CNBC via email, and a spokesperson stated, “Earlier today we announced a restructuring of the Microsoft’s Mixed Reality organization. We remain fully committed to the Department of Defense’s IVAS program and will continue to deliver cutting edge technology to support our soldiers.” However, in a leaked memo, Business Insider writes that Jason Zander blames the layoffs on the new wave of AI and its impacts on the workforce.
Why It All Matters
Layoffs, stocks, Wall Street… They’re all so relevant. While meme stocks should be invested in with much caution, investment strategies that are legitimate (and responsible) are being overlooked. There are many easy, low-risk investments, such as a 401(k), and IRAs, that allow anyone who is working regularly to invest in their retirement. Meanwhile, meme stocks such as GME take money from those who are looking to get returns quickly on their investments. Investing in the stock market can be a great thing for your future and building a portfolio. However, most people who look to get rich quick off of Wall Street usually end up doing the opposite, and get poor… quick. Investing is important, so do your research, and check out our section to on Stocks and Trading (as well as others) to get educated.
