Nvidia and Broadcom shares are BofA’s leading ways to play the AI trend within the chip sector, but several other players could carve out a “profitable niche.”
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American multinational asset management company Franklin Templeton has showered high praises on Solana, triggering widespread speculation about the potential of a Solana ETF in the future.
Franklin Templeton’s Approval Of Solana Sparks ETF Talks
On Wednesday, January 17, Franklin Templeton’s official X account expressed their admiration for the Solana, commending the blockchain network’s progress and continuous developments within its ecosystem.
The asset management company highlighted Solana’s notable accomplishments during the fourth quarter of 2023. Specific mentions were made regarding Solana’s innovative NFT projects over the past months, its impactful presence in the DeFi ecosystem as well as the introduction of new inventive meme coins like Dogwifhat, Myro Popcat, and more. Franklin Templeton also outlined additional achievements like Solana’s next-generation independent validator client, Firedancer, and its innovative DePIN projects.
Although Solana previously experienced a significant decline in its NFT market, the blockchain network’s NFT sales volume witnessed a resurgence after recording a staggering increase recently. On Wednesday, Solana’s NFT volume rose above 92% on the Tiexo marketplace. Furthermore, the blockchain recorded substantial increases on two other prominent marketplaces, Tensor and Magic Eden, respectively.
Overall, Franklin Templeton’s overwhelming praise for the Solana ecosystem was taken with great optimism by the crypto community and SOL supporters. The favorable remarks sparked discussions regarding the potential introduction of a Solana ETF.
Since Spot Bitcoin ETFs gained approval from the United States Securities and Exchange Commission (SEC), many investors, including Ripple CEO Brad Garlinghouse, anticipate the eventual entry of more ETFs into the market.
Presently, the Ethereum Spot ETF stands as the next contender for approval by the SEC. And the final deadline for approving or rejecting several Ethereum Spot ETF applications is slated for May 23, 2024.
SOL price at $98 | Source: SOLUSD on Tradingview.com
Community Members Skeptical About Potential SOL ETF
As excitement spreads in the crypto community over a possible Solana ETF, various crypto enthusiasts express differing views and opinions on its likelihood. It’s important to note that despite the enthusiasm, there has been no official discussion or confirmation of a Solana ETF by the cryptocurrency’s developers or executives.
Concerning a potential Solana ETF, a crypto community member, Lex has highlighted reasons why such a notion might face challenges. In the post, he outlined the SEC’s potential involvement in the decision regarding a Solana ETF. According to the community member, the SEC “would never approve a SOL ETF.”
Another member also provided a more in-depth explanation for the rejection of a Solana ETF, asserting that as the SEC had previously classified Solana as a security, it may not greenlight a Solana ETF unless a court officially declares the cryptocurrency as a non-security.
However, in response to these speculations, Franklin Templeton said:
The lawyers won’t let us respond to comments, but we hear you
Featured image from MEXC Blog, chart from Tradingview.com
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Nike Inc.’s results cheered Wall Street Friday as the stock notched double-digit percentage gains on its stronger-than-expected results and positive outlook.
Raymond James reiterated an outperform rating on Nike
NKE,
in a chorus of praise from analysts about the athletic footwear and apparel giant’s future prospects.
Nike’s stock was up by 10% in premarket trades on Friday.
“Nike can drive better growth and margin expansion beyond FY24 on its structural shift towards Direct,” analyst Rick Patel said in a research note.
Patel also sounded some cautious notes on Nike as well.
“We still see FY24 as a year with slower growth (tough N. America Wholesale compares) but strong margin expansion (easing transitory headwinds, better efficiencies),” Patel said.
Meanwhile, Oppenheimer analyst Brian Nagel reiterated an outperform rating on Nike and said the company’s groundwork “is now established to support strengthening sales and margins trends” in coming quarters.
“We continue to view underlying market sentiment embedded within NKE shares as too pessimistic and inconsistent with indications of ongoing, superb fundamental prowess at the company,” Nagel said.
Wedbush analyst Tom Nikic reiterated an outperform rating on Nike and said the company’s swooshes are realigning, with a re-acceleration in view for the second half of its fiscal year.
“Demand [is] still strong despite the tough macro,” Nikic said. “Margins [are] benefitting from tighter inventories and focus on full-price selling.”
Wedbush’s Nikic said Nike also got a boost from strong back-to-school trends both in the U.S. and China.
“We believe that inventory levels in the channel are becoming cleaner, which will support re-acceleration in fiscal 2H,” Nikic said. “We remain positive on this bellwether name.”
Also read: Adidas and Puma shares rally after Nike results
The longstanding partnership between Microsoft and AMD has been a strategic alliance that has shaped the tech industry in various ways.
A recent report has revealed that shares of Advanced Micro Devices Inc (NASDAQ: AMD) rose nearly 5% on Thursday following comments from Kevin Scott, the Chief Technology Officer of Microsoft Corp (NASDAQ: MSFT) about the chipmaker’s efforts to strengthen its position in AI, an arena long dominated by Nvidia Corp (NASDAQ: NVDA).
With AMD’s stock up approximately 60% this year, investors are keeping a close eye on this tech powerhouse.
Microsoft’s Endorsement
“They’re making increasingly compelling GPU offerings that I think are going to become more and more important to the marketplace in the coming years,” Scott says while speaking at the Code Conference in Dana Point, California, on Wednesday.
This endorsement from a tech giant like Microsoft lends credibility to AMD’s AI initiatives and suggests that the company may be on the cusp of a breakthrough. Notably, AMD has been diligently working to bolster its presence in the AI sector.
In June, the company announced its intention to begin sampling the MI300X chip during the third quarter of the year. Unlike traditional GPUs, these chips were meticulously designed with AI models in mind, reflecting AMD’s commitment to delivering tailored solutions for the AI market.
Meanwhile, Nvidia has long been synonymous with AI prowess. The company’s GPUs have been instrumental in powering AI workloads, driving Nvidia’s meteoric rise. So far this year, Nvidia’s shares have nearly tripled, an impressive feat that further cements its position as an industry leader.
The surge in demand for AI applications, particularly those reliant on deep learning models, has created a need for exceptionally powerful GPUs. Nvidia’s GPUs have risen to meet this challenge, and the company is confidently forecasting a staggering 170% year-over-year revenue growth in the current quarter, highlighting the immense demand for its products.
The Strong Microsoft-AMD Partnership
The longstanding partnership between Microsoft and AMD has been a strategic alliance that has shaped the tech industry in various ways. For years, Microsoft has relied on AMD’s cutting-edge technology to power various aspects of its business.
This partnership extends beyond conventional computing devices to encompass cloud services and gaming consoles. Notably, Microsoft has offered AMD GPUs to its Azure cloud customers, recognizing the value of AMD’s graphics processing units in handling diverse workloads, including AI and machine learning tasks.
Moreover, AMD chips have found their way into Microsoft’s computers and Xbox gaming consoles, further cementing this collaborative relationship. In May, AMD made headlines by announcing that Microsoft had begun offering a cloud networking service, drawing upon AMD’s Pensando products.
This development underscores AMD’s increasing relevance in the data center and cloud computing space, where the demand for high-performance chips is insatiable. Microsoft’s utilization of AMD’s Pensando products demonstrates its confidence in AMD’s capabilities to deliver innovative solutions for its cloud offerings.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.