Markets Shrug Off Some Mag-7 Weakness… And A New Player In The AI Chatbot Race 3/4/24

CNBC's "Fast Money"

CNBC

News, Business, Investing

3.9 • 1.3K Ratings

🗓️ 4 March 2024

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

A trifecta of trouble in some Magnificent 7 heavyweights. Alphabet, Apple, and Tesla all in the red today, but the broader markets don’t seem too concerned. So where is the strength coming from? Plus… Perplexity making waves as one of the new chatbots in the AI race. What they’re doing differently… and how they’re hoping to disrupt the Search Engine status quo. Fast Money Disclaimer

Transcript

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0:00.0	Life in the Nasak Market site in the heart of New York City's Times Square.
0:04.4	This is fast money. Here's what's on tap tonight. Riding high, AI keeps booming,
0:08.8	obesity drugs, keep climbing, and now transports and industrial industrial are joining the parties.
0:13.2	Is this a good sign that this rally has more room to run?
0:15.8	We'll debate that.
0:16.8	Plus, a new AI Upstart, the CEO of Perplexity will join us.
0:20.8	His chatbot has some big time fans in Techland, Jensen Huang and Jeff
0:24.4	Bezos use it, how he thinks his AI company can compete with the likes of
0:28.3	Google and Microsoft. And later ringing the register today at Macy's
0:32.0	inside the new offer for the retailer, another draining later ringing
0:34.3	day at Macy's inside the new offer for the retailer. Another draining day for Tesla, the stock is now down almost 25% this year and the
0:38.7	crypto climb continues.
0:40.2	Bitcoin now up 56% in a month.
0:43.0	I'm Melissa Lee coming to you a lot from studio be at the NASDAQ on the best tonight.
0:46.4	Tim Seymour, Karen Finerman, Dan Nathan, and Guyadami.
0:50.1	But we start off with a trifecta of trouble in the so-called Magnificent Seven, Tesla, Alphabet, and
0:55.1	Apple sinking today losing a combined $160 billion in market cap, three one-time market
1:00.6	heavyweights all down sharply this year and yet the broader market seems
1:05.1	to be okay, shrugging off this weakness.
1:07.2	They have to be closing the day basically flat while the Dow and NASDAQ were down less than
1:10.5	a half a percent and look at where the strength came from.
1:13.3	NVIDIA up another 3.6 percent setting a new all-time high.
	...

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