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President Donald Trump appears to be downplaying talk that some of his long-loyal MAGA supporters are breaking with him over the possibility that the president will order a military strike on Iran.

This amid the nearly week-long daily trading of fire between the Islamic State and Israel, America’s top ally in the Middle East.

‘My supporters are more in love with me today, and I’m more in love with them, more than they even were at election time,’ the president said when asked about a GOP rift between some of his most vocal supporters of his America First agenda, and more traditional national security conservatives.

The president, speaking to reporters on Wednesday on the South Lawn of the White House, added: ‘I may have some people that are a little bit unhappy now, but I have some people that are very happy, and I have people outside of the base that can’t believe that this is happening. They’re so happy.’

Asked if he would order an attack on Iran to prevent Tehran from obtaining nuclear weapons, the president said, ‘I may do it, I may not do it. I mean, nobody knows what I’m going to do. I can tell you this, that Iran’s got a lot of trouble.’

The prospect of Trump jumping into the incredibly volatile situation in the Middle East is causing plenty of consternation among some of his top political and ideological allies, and creating divisions within MAGA – a rare moment for a movement that’s been firmly supportive of Trump since his 2016 White House campaign.

Some top MAGA voices over the past week have argued against any kind of U.S. military involvement with Israel against Iran, arguing it would contradict Trump’s America First policy to keep the nation out of foreign wars. And they say it would repeat the move more than two decades ago by then-President George W. Bush to attack Iraq, which Trump had long criticized on the campaign trail.

Among those speaking out have been conservative commentator Tucker Carlson and Rep. Marjorie Taylor Greene of Georgia, a top Trump House ally.

Also voicing concerns while remaining firmly supportive of the president are Charlie Kirk — the conservative host and MAGA-world figurehead who leads the influential Turning Point USA — and Steve Bannon, a prominent MAGA ally and former top adviser to Trump’s 2016 campaign.

But there’s been plenty of support for Trump, and for attacking Iran, by other top MAGA world voices.

Also defending Trump this week was Vice President JD Vance, who is a top voice in the America First, isolationist wing of the party.

Vance, speaking to both sides, highlighted Tuesday in a social media post that ‘people are right to be worried about foreign entanglement after the last 25 years of idiotic foreign policy.’

But Vance stressed that Trump ‘has earned some trust on this issue.’

And the vice president added that ‘having seen this up close and personal, I can assure you that he is only interested in using American military to accomplish the American people’s goals. Whatever he does, that is his focus.’

Trump, speaking with reporters on Wednesday afternoon, said: ‘I don’t want to get involved either, but I’ve been saying for 20 years, maybe longer, that Iran can not have a nuclear weapon.’

‘My supporters are for me. My supporters are America First and Make America Great Again. My supporters don’t want to see Iran have a nuclear weapon,’ the president added.

The current debate within the Republican Party wouldn’t have happened before Trump shook up and remade the GOP over the past decade.

Wayne Lesperance, a veteran political scientist and the president of New England College, highlighted that ‘the divide in the GOP can be traced to Trump’s promises to pull America back from its entanglements in the world.’

And Matthew Bartlett, a Republican strategist who served at the State Department during Trump’s first term, noted that ‘Donald Trump changed the direction of the Republican Party’ when it comes to American military engagements around the world.

‘That gave him a new coalition and new political power. This new war in the Middle East is certainly threatening that coalition. While we are not yet involved in a war, chances of escalation are dramatically increased and that certainly has ramifications with the MAGA coalition,’ Bartlett warned.

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Politics

Top Trump ally predicts Senate will blow past ‘big, beautiful bill’ deadline

A Senate fiscal hawk doesn’t believe Republicans can hit their own self-imposed timeline to pass President Donald Trump’s ‘big, beautiful bill.’

Senate Republicans are racing against the clock to finish work on their version of the president’s colossal bill after the House GOP advanced its offering late last month.

So far, each of the 10 Senate committees has unveiled a portion of the bill and are fine-tuning each chunk to conform with Senate rules and address concerns among varying factions in the conference.

Republican leaders are gunning to put the package on the floor next week, ahead of a scheduled recess for Independence Day, but Sen. Ron Johnson, R-Wis., believes there is enough resistance against the bill to torpedo that timeline.

‘I think we have enough people that are saying, ‘No, we’re not going to proceed to the bill prior to July 4.’’ he said. ‘We need more time, but I think our efforts now are concentrated.’

Johnson has long been pushing for far deeper cuts in the package, far beyond the goal of $1.5 trillion set in the House’s offering and the pursuit of $2 trillion in cuts in the Senate’s package to begin putting a major dent in the nation’s deficit.

The lawmaker’s remarks came during a press call where he debuted his 31-page report on the GOP’s quest to ram the president’s agenda through Congress.

The report offered a variety of scenarios of the deficit and growth impacts the Republicans’ plan could have based on varying levels of compound annual growth rates that varied from over 2%, 3% and 4%.

The report was meant to be a thumb in the face of the Congressional Budget Office’s findings on the bill and overall state of federal spending and deficits. But it also rejected the arguments made by Republican leaders and the White House in its pursuit of showing the reality of the nation’s fiscal health and the effect the ‘big, beautiful bill’ could have on it.

Ron Johnson acknowledged the sentiments of House Speaker Mike Johnson, R-La., and Trump that the spending cuts achieved in the House product were unprecedented but countered that ‘we’ve faced an unprecedented level of spending increase’ since the pandemic.

‘You can argue about the twigs and leaves on the forest floor, but I’m forcing everybody to take a step back and look at the look at the forest,’ Ron Johnson said. ‘It’s blazing, and we got to put this forest fire out.’

There are others with varying concerns, including the addition of a debt-ceiling hike and proposed changes to Medicaid, who could form a multi-faceted coalition to tank the bill.

Thune can only afford to lose three votes if he hopes to pass the bill, given that the nature of the budget reconciliation process skirts the filibuster and that Democrats have been iced out of the process thus far.

Ron Johnson noted that he hoped Senate Majority Leader John Thune, R-S.D., wouldn’t put the full bill on the floor next week because ‘I really think it’ll be voted down.’

‘If we do vote it down, I don’t want anybody to interpret it as a slap in the face of either Leader Thune or President Trump,’ Ron Johnson said. ‘It’s just saying, ‘Guys, we need more time. The ball has been in the Senate court for two weeks.’

Johnson has been a proponent of breaking up the megabill into two or three chunks, rather than tackling it all in ‘one fell swoop.’ However, he acknowledged there would need to be some kind of mechanism that would allow lawmakers to have ‘at least two, if not three, bites at the apple.’

‘I understand this process is to kind of jam everybody, but let’s not do what Nancy Pelosi did and say, ‘Hey, got to pass this bill to figure out what’s in it,’’ he added. ‘Let’s know fully what’s in it. Let’s do as President Trump asked. … He wants the Senate to make a better bill.’

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Politics

‘Instincts for restraint’: Senate divided over who gets to declare war

Lawmakers are debating what role Congress should play as the White House weighs its options in Iran.

Does the legislative body have sole power to declare war, or should that power be ceded to the president?

The back and forth comes as President Donald Trump mulls whether to join Israel in its campaign against Iran or continue pushing for a diplomatic end and return to the negotiating table to hammer out a nuclear deal with the Islamic Republic.

Helping to ignite the arguments on Capitol Hill are a pair of resolutions in the Senate and House that would require debate and a vote before any force is used against Iran. The measures are designed to put a check on Trump’s power and reaffirm Congress’ constitutional authority.

Senators on both sides of the aisle are divided on whether they believe they have sole authority to authorize a strike against Iran or if Trump can do so on his own volition. A predominant argument is that the entire point of supporting Israel is to prevent the Islamic Republic from creating or acquiring a nuclear weapon.

Israel has been successful in taking out a few pieces of infrastructure that were key to that mission but has yet to do real damage to the highly-fortified Fordow Fuel Enrichment Plant and would likely need help from the U.S. to crack through the layers of rock shielding the site.

‘The Constitution says the prerogative to declare war, the power to declare war, is solely from the Congress,’ Sen. Rand Paul, R-Ky, told Fox News Digital. ‘It can’t originate from the White House. There is no constitutional authority for the president to bomb anyone without asking permission first.’

The Constitution divides war powers between Congress and the White House, giving lawmakers the sole power to declare war, while the president acts as the commander in chief directing the military.

Then came the War Powers Act of 1973, which sought to further define those roles and ensure that the president has to give Congress notice within 48 hours of the deployment of troops who can only be deployed for 60 days. Notably, Congress has not formally declared war since World War II.

‘There’s really no argument for why he couldn’t obey the Constitution,’ Paul said. ‘Now, my hope is that he won’t do it, his instincts for restraint would prevail.’

Fox News reached out to the White House for comment.

Sen. John Kennedy, R-La., disagreed with Paul and said he believed Trump had the ability to authorize a strike but acknowledged it was ‘mixed’ and ‘clouded’ when factoring in the War Powers Act.

‘It’s clear that both Congress and the president have a role to play,’ he said. ‘But if you’re suggesting, should the president come to Congress first making that decision, it’s conditioned upon what year you want Congress to make a decision. Sometimes it takes us months, even years, to get nothing done.’

Senate Majority Leader John Thune, R-S.D., told reporters he believed Trump was ‘perfectly in his right to do what he’s done so far’ and reiterated that the ultimate goal was to prevent Iran from having a nuclear weapon.

Senate Republicans have found an unlikely ally among Democrats in Sen. John Fetterman, D-Pa., who has vehemently advocated for Israel while his party has wavered.

Fetterman told Fox News Digital he did not believe a strike on Iran was ‘starting a war,’ echoing Thune’s sentiment that ‘we have a very specific mission to destroy the nuclear facilities. That’s not a war. That is a necessary military … exercise to destroy a nuclear facility.’

And Sen. Ron Johnson, R-Wis., told Fox News Digital ‘it’s never been ruled’ whether the War Powers Act was constitutional, but he noted that the act still gave the president the authority to act as commander in chief.

‘I think it’s pretty much an irrelevant point if President Trump decides to aid Israel with some military action with those bunker-busting bombs,’ Johnson said. ‘It’s well within the timeframe of him coming under some kind of congressional action.’

Still, Sen. Tim Kaine, D-Va., who introduced his war powers resolution Monday, believed the measure was gaining momentum among his colleagues.

Kaine told Fox News Digital that, as events have developed, it made the ‘urgency’ of his resolution more apparent. He also expected it would get a vote in the Senate sometime next week. He argued that some Republicans would ‘very much want to be in the middle of hostilities with Iran.’

‘But the interesting thing is, they’ve never introduced a war authorization because their constituents would say, ‘Are you nuts?’’ he said. ‘And, so, they would like the president to do it, but they wouldn’t want to do it themselves.’

When asked if that was a move to shift blame elsewhere, Kaine said, ‘They think it will, but it won’t.’

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Business

Streaming overtakes cable and broadcast as the most-watched form of TV

A new king reigns in TV land.

Streaming has officially surpassed broadcast and cable as a share of total television viewing, according to Nielsen data.

In May, streaming accounted for 44.8% of viewership, while broadcast (20.1%) and cable (24.1%) together represented 44.2% of overall people tuning in.

‘While many have expected this milestone to have occurred sooner, sporting events, news and new-season content have kept broadcast and cable TV surprisingly resilient,’ Brian Fuhrer, senior vice president at Nielsen, said in a video for Nielsen’s The Gauge monthly viewership report. ‘The trend, however, has been very consistent.’

While Netflix has boasted the most overall TV use for four years straight, YouTube has now seen four straight months of TV share increase, Nielsen said. The platform, owned by Google and its parent company, Alphabet, boasted the highest share of TV consumption among all streamers in May, with a 12.5% share. Rounding out the top five were Netflix, Disney-owned platforms including ESPN and Hulu, Amazon’s Prime Video, and the Roku Channel.

The three largest so-called free, ad-supported services, or FAST channels — Paramount’s Pluto TV, the Roku Channel and Fox’s Tubi — combined for 5.7% of total TV viewing in May, more than any individual broadcast network.

Streaming’s overall share is likely to remain neck and neck with traditional TV viewership for some time before it eventually surpasses it permanently in the near future, Nielsen said.

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Business

Amazon expects to cut corporate jobs as it relies more on AI

Amazon CEO Andy Jassy said Tuesday that the company expects artificial intelligence ‘will reduce our total corporate workforce as we get efficiency gains’ over time.

‘We will need fewer people doing some of the jobs that are being done today, and more people do other types of jobs,’ Jassy added in a memo to Amazon’s workforce.

The CEO of the country’s second-largest retailer and employer said Amazon is using generative AI ‘in virtually every corner of the company.’

Amazon employs more than 1.5 million people worldwide, according its most recent annual report.

This year, Amazon plans to spend $100 billion to expand AI services and data centers that power them, up from $83 billion last year.

Jassy said he believes so-called ‘AI agents’ will ‘change how we all work and live.’ While ‘many of these agents have yet to be built,’ he said, ‘they’re coming, and fast.’

He continued by saying that they will ‘change the scope and speed at which we can innovate for customers.’

Amazon currently has more than a thousand AI services and applications running inside the company or in progress of being built.

Jassy’s comments Tuesday will likely invoke fears that many corporate workers have had as artificial intelligence captures the eye of efficiency-minded executives across corporate America. A recent study from Bloomberg Intelligence said that AI could replace up to 200,000 banking jobs.

Amazon CEO Andy Jassy in New York on Feb. 26.Michael Nagle / Bloomberg via Getty Images

Artificial intelligence has also been shown to be effective at coding for software programs.

Cybersecurity firm Crowdstrike eliminted 5% of its workforce in May, saying that AI was driving ‘efficiencies across both the front and back office.’

Shopify CEO Tobi Lutke said managers at the e-commerce company will be expected to prove why they ‘cannot get what they want done using AI’ before asking for more headcount.

‘Having AI alongside the journey and increasingly doing not just the consultation, but also doing the work for our merchants is a mind-blowing step function change here,’ Lutke added.

Language learning firm Duolingo also recently said that it would replace contract workers with artificial intelligence. ‘We’ll gradually stop using contractors to do work that AI can handle,’ CEO Luis von Ahn wrote in a memo to Duolingo employees in May. ‘Headcount will only be given if a team cannot automate more of their work,’ von Ahn added.

The CEO of U.K. telecom giant BT said this week that plans to cut 40,000 jobs from the company’s workforce over the next 10 years ‘did not reflect the full potential of AI.’

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Business

DOJ seizes record $225 million in crypto tied to global ‘pig butchering’ scams

The Justice Department announced Wednesday the largest-ever U.S. seizure of cryptocurrency linked to so-called “pig butchering” scams that have cost victims billions globally.

Federal prosecutors filed a civil forfeiture action targeting more than $225 million in cryptocurrency traced to a sprawling web of fraudulent investment platforms. Victims were tricked into believing they were investing in legitimate crypto ventures, only to be scammed by criminal networks often operating overseas.

“This seizure of $225.3 million in funds linked to cryptocurrency investment scams marks the largest cryptocurrency seizure in U.S. Secret Service history,” said Shawn Bradstreet, special agent in charge of the U.S. Secret Service’s San Francisco Field Office, in a statement.

Authorities said the network was connected to at least 400 suspected victims worldwide, including dozens in the U.S. Crypto fraud was responsible for more than $5.8 billion in reported losses last year, according to FBI data.

The seized funds are now subject to forfeiture proceedings aimed at eventually returning money to victims.

The U.S. Secret Service and FBI used blockchain analysis and other tools to trace the cryptocurrency back to stolen assets. The DOJ credited Tether, the world’s largest stablecoin issuer, for assisting in the operation.

According to the complaint, the funds were linked to the theft and laundering of money from victims of cryptocurrency investment fraud schemes, commonly known as confidence scams that often involve romance.

The network relied on hundreds of thousands of transactions to obscure the origin of the funds, using sophisticated blockchain maneuvers to conceal the flow of stolen assets.

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Investing

Reddit stock analysis: Why RDDT surged and key level to watch

Reddit stock price bounced back on Tuesday as the company launched new artificial intelligence (AI) tools to help companies leverage conversations on its platform. RDDT jumped to a high of $145.58 on Tuesday, its highest point since May 7, and 81% above its April lows.

Why Reddit stock price soared

Reddit shares popped after the company launched the Reddit Community Intelligence (RCI), which it hopes will help to turn posts and comments into structured intelligence.

One solution launched on Tuesday is known as the listening tool that shares real-time insights to marketers to help them identify trends and launch campaigns.

Reddit also launched Conversation Summary Add-ons. This solution allows brands to show positive user content under its adverts. The company said:

“These are tools for a new era of community marketing, one where brands can tap into Reddit’s authenticity and connect meaningfully with high-intent communities around the world.”

Therefore, the Reddit stock price rose as investors anticipate that the new tools will boost its business as the AI boom intensifies.

RDDT business is doing well

Financial results show that Reddit’s business has done well in the past few years as it carved a niche in the social media industry.

Data shows that Reddit’s annual revenue rose from $228 million in 220 to over $1.3 billion in 2024. Its trailing twelve-month (TTM) revenue jumped to over $1.4 billion.

The most recent results show that Reddit’s business continued doing well in the first quarter as advertisers embraced its platform. Its revenue rose by 61% in Q1 to over $392.4 million.

The company’s gross margins rose to 90.5%, while its profitability substantially improved. Its net income jumped to $26.2 million, while the free cash flow rose to $126.6 million.

Reddit’s revenue growth has accelerated after the company’s number of users jumped. Its daily active unique users rose by 31% to 108.1 million, while the weekly active unique rose by 31% to 401.3 million.

Growth and valuation concerns

Wall Street analysts believe that the company’s business will continue rising this year. Yahoo Finance data shows that the average revenue forecast is $424.4 million, a 50% increase from the same period last year.

They expect that the company’s revenue will jump by 34% YoY in the third quarter to $470 million. The annual revenue will jump by 42% to $1.85 billion, followed by $2.37 billion.

Most importantly, analysts anticipate that the company’s profitability will continue this year. The average estimate is that its earnings per share will jump to $1.24 this year from a loss of $3.3 cents.

Some analysts believe that the Reddit stock is highly overvalued since its market capitalization has jumped to over $23 billion, up from its IPO level of $6 billion.

The company has a forward non-GAAP price-to-earnings ratio of 38, higher than the sector median of 14. This figure is higher than Snap’s 29 and Meta’s 27.

Reddit share price analysis

RDDT stock chart | Source: TradingView

The daily chart shows that the Reddit share price dropped and bottomed at $79.80 in April and then bounced back to a high of $145.60 on Tuesday. It moved above the key resistance level at $130, the highest swing on May 14.

RDDT stock price has moved above the 50-day and 100-day Exponential Moving Averages (EMA). The stock also moved above the upper side of the ascending triangle pattern.

Therefore, the Reddit stock price will likely continue rising as bulls target the 23.6% Fibonacci Retracement level at $185. A drop below the support at $120 will invalidate the bullish Reddit stock forecast.

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Investing

Block3’s AI is forging the future of gaming, one prompt at a time

The gaming industry, a powerhouse of entertainment and innovation for decades, has recently found itself navigating turbulent waters.

In this challenging landscape, Block3, an AI-powered gaming engine, is poised to redefine how games are made and experienced.

Mass layoffs have swept across studios, development costs for blockbuster titles have soared into the hundreds of millions, and a perceived lack of innovation, coupled with an over-reliance on monetisation strategies like microtransactions and battle passes, has left many players feeling disenfranchised.

The signs of strain in the gaming industry are undeniable. The early to mid-2020s saw a wave of significant job losses.

While a few years ago, a major title might cost $50-150 million to produce, some now exceed $300 million.

This financial pressure leads studios to prioritise established intellectual properties, often at the expense of novel and experimental projects.

How Block3 works: from prompt to play

Block3 uses the latest AI technology to bring gamers and game developers the means to create any games they would like.

The fundamental mechanism is remarkably simple yet incredibly powerful: users provide text prompts, and Block3 transforms these prompts into fully playable, AAA-quality game titles in mere seconds.

This “infinite creation” capability is driven by advanced generative AI models.

Block3 achieves this with its Trinity model, a gaming model that will be trained through a distributed network.

Trinity’s training contributors will be compensated through blockchain-based incentives.

Unlike traditional game development, which requires painstaking manual creation of assets, environments, and code, Block3’s AI can interpret descriptive language and synthesise entire game worlds.

Imagine typing “Create a futuristic cyberpunk city with flying cars and a bustling marketplace,” and the engine instantly generates the detailed 3D models, textures, animations, and even basic gameplay mechanics to match.

This automation extends across various game elements, from environmental design and character models to soundscapes and narrative suggestions.

How Block3 will be a game-changer

The recent advancements in AI models that can generate videos from simple text prompts, seen in various emerging tools, perfectly illustrate the underlying technology Block3 harnesses to bring dynamic visual experiences to life almost instantaneously.

Block3 represents a monumental disruption to the traditional gaming industry model.

Legacy studios often grapple with development cycles stretching five years or more, and budgets regularly exceeding $100 million for a single title.

Block3 dramatically shortens this timeframe to mere seconds of prompt input, slashing development costs to virtually zero on the creation side.

This unparalleled efficiency will democratize game development, empowering individuals and small teams to create experiences that were once the exclusive domain of multi-million dollar corporations.

Furthermore, Block3 integrates a tokenised ecosystem, anchored by the BL3 token.

This token governs creation fees, facilitates asset trading within the Block3 universe, and enables revenue sharing, offering investors a liquid stake in this transformative shift.

The BL3 token’s presale starts on June 26, Thursday.

Block3’s production also becomes its training data as each user-generated game will be used for this. This will make a feedback loop of recursive AI improvement.

By merging AI generation, crypto rails, and open-world gaming, Block3 establishes itself as a first-mover, uniquely positioned to capture the immense upside of the projected $665 billion AI x Gaming future.

This means not only a revolution in how games are made, but also in how they are owned, distributed, and monetised, shifting power from legacy studios to a more decentralised, user-driven creative economy.

The gaming industry has already seen $51 billion in inflows in recent years. Around $244 billion is expected to be invested in AI technology.

Block3 combines the best of these tech titans and provides democratisation to the gaming industry.

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Investing

Is Broadcom ready to be in magnificent seven after a 340% rally

The magnificent seven, a group of stocks containing Alphabet (parent company of Google), Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla, have been the main drivers of market returns in the last couple of years.

However, a new company has emerged in this group of top companies. That is Broadcom (AVGO).

The company’s recent price rally, its strong earnings, along with Tesla’s troubles, have made the market consider whether Broadcom could be a member of the Magnificent Seven group.

Broadcom’s ascent to the Magnificent Seven

Broadcom’s stock has experienced an impressive rally, climbing over 340% since the beginning of 2023.

This remarkable growth has propelled the company into an exclusive group of corporations that have a $1 trillion market capitalisation.

In contrast, Tesla Inc., one of the original “Magnificent Seven” stocks, has seen its shares decline by 22% this year.

This downturn follows Chief Executive Officer Elon Musk’s increased involvement in U.S. politics, which has contributed to a negative reaction towards the electric vehicle manufacturer.

Looking ahead, analysts compiled by Bloomberg anticipate strong sales growth for Broadcom, projecting a 22% increase in fiscal 2025 and another 21% in fiscal 2026.

This growth trajectory is second only to Nvidia Corp. among the Magnificent Seven.

Meanwhile, Tesla’s revenue is expected to contract by 1% this year.

The “Magnificent Seven” gained prominence as they collectively propelled the S&P 500 higher starting in early 2023.

Their gains were attributed to their dominant market positions, which consistently generated robust revenue and profit growth.

However, in recent months, the performance of these stocks has diverged.

This shift comes amidst uncertainties, including U.S. President Donald Trump’s tariff policies and specific company concerns.

Four of the seven stocks have declined year-to-date, with Apple experiencing the most significant drop due to investor concerns about its AI strategy and exposure to the Chinese market.

After two years of explosive growth, the stock has moderated to an 8% growth in 2025.

However, this was enough to power the stock to a $1.2 trillion market capitalisation, which made it the seventh most valuable company in the S&P 500, ahead of Tesla and Berkshire Hathaway.

AI bolsters Broadcom

Broadcom has seen its financial performance significantly bolstered by substantial investments in artificial intelligence computing equipment.

This robust demand for AI infrastructure has directly fueled a surge in the company’s revenue and profits.

The company’s custom chip design and networking semiconductor businesses are major drivers of its revenue growth.

This made the company a big beneficiary of AI spending.

Under the Chief Executive Officer Hock Tan, the company made a couple of acquisitions, which expanded its business segments to wifi and Bluetooth chips, which are used in iPhones.

Broadcom also makes products in server virtualization and cybersecurity software.

The AVGO shares currently trade at 33 times its forward earnings, which is expensive compared to the broader market and most of the Magnificent Seven stocks.

Recently, Broadcom’s president sold $2.5 million worth of stock.

Broadcom in its Q2 earnings posted 46% growth in its AI revenue and expects it to grow at 60% in the third quarter.

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Investing

CoreWeave stock price prediction: is CRWV a buy at its ATH?

CoreWeave stock price surged to a record high of $175, up by over 410% from its lowest level this year. This surge has brought its market cap from $15 billion in April to over $81 billion, making it one of the biggest companies in the artificial intelligence (AI) industry.

CoreWeave’s is leveraging the AI boom

CoreWeave, a company that started its business in the Bitcoin mining industry, has become a major player in the data center industry.

The company provides data center solutions to companies building artificial intelligence solutions.

It does that by building large data centers and equipping them with the most advanced NVIDIA and AMD semiconductors. Companies like Google, Amazon, and Microsoft then lease its data centers to train their models.

CoreWeave has also expanded its business to include specialized cloud computing solutions and managed services.

Focusing on the AI boom has made it one of the fastest companies in the US today. Its annual revenue in 2022 stood at $15.8 million, and then surged to $228 million in 2023 and $1.9 billion in 2024. This means that its revenue has surged by over 12,242% in this period.

CoreWeave’s recent results showed that its business continued its growth as demand for data center solutions rose. Its quarterly revenue jumped by 420% in Q1 to $982 million. Its Q1 revenue was much higher than what it made in the full year of 2023.

The company ended the quarter with a backlog of $25.9 billion because of its deal with OpenAI. It is also on a path towards profitability as its adjusted EBITDA jumped to $606 million from $105 million in the same quarter in 2024.

Valuation concerns remain

The biggest concern among investors is that the company is highly overvalued, considering that its market capitalization has jumped to over $73 billion.

Proponents argue that the company’s growth will help to justify its valuation. For one, the company anticipates that the second quarter revenue will be between $1.06 billion and $1.1 billion, while its annual revenue will be between $4.9 billion and $5.1 billion.

The challenge, however, is that the company is still in its early days, meaning that its capital expenditures are high as it grows its data center presence. It plans to spend between $20 billion and $23 billion this year.

The risk is that it will need to raise capital and dilute its investors to fund its capital expenditure.

The average CoreWeave stock price forecast among Wall Street analysts is $79, much lower than the current $171.93.

CoreWeave stock price analysis

CRWV stock chart | Source: TradingView

The two-hour chart shows that CRWV stock price has been in a strong bullish trend in the past few months. It has moved from a low of $34.15 in April to the current $170.

The stock has moved above the important resistance level at $166.7, the upper side of the ascending triangle pattern. An ascending triangle is one of the most bullish patterns in technical analysis.

Corweave stock has moved above all moving averages, and has the momentum as the Average Directional Index (ADX) has pointed upwards.

Therefore, the stock will likely continue rising as bulls target the key resistance level at $200. This rally will continue until the company publishes its financial results on August 13. These results will provide more information about its growth.

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