Technology stocks ought to take a bow. They were the standout performers in the first half of 2023, powering Wall Street — and the Club’s portfolio – higher over the first and second quarters in impressive fashion. The tech-heavy Nasdaq Composite recorded its best first half of a year since 1983, rising 32.7% through Friday’s session. In the three months ended June 30, the Nasdaq climbed around 13%. The S & P 500 rose 8.3% in the second quarter to extended its 2023 advance to 15.9%. It’s just the 11th time since 1950 that the S & P has recorded a first-half gain of 15% or more. For its part, the Dow Jones Industrial Average posted a positive first-half performance — but lagged significantly behind the S & P 500 and Nasdaq as it maintains relatively less tech exposure. After rising 3.4% in the second quarter, the 30-stock Dow stood higher by 3.8% year to date. Our portfolio largely followed suit. Our tech holdings, led by Nvidia ‘s (NVDA) ferocious rally, were the clear-cut winners. On the other hand, our biggest laggards varied across sectors — from retail to health care. In most cases, their weakness stemmed from a pivotal event, like disappointing earnings. Here’s a closer look at the Club’s best and worst performers in the first half of 2023, starting with the four winningest stocks. The winners NVDA YTD mountain Nvidia’s year-to-date stock performance. Nvidia occupies the top spot, with shares nearly tripling in value as they rose 189.5% in the first half of the year. The semiconductor firm, which is now worth more than $1 trillion, also was the top-performing S & P 500 stock in the first half. Investor optimism around Nvidia’s essential role in enabling artificial intelligence fueled the stock’s impressive gains. On the hardware side, Nvidia makes cutting-edge graphics processers used to train large-language models, like the popular ChatGPT. And its computing platform CUDA and pretrained models on the software side also create the company’s competitive advantage in AI . Demand for Nvidia’s AI chips has soared, which contributed to the jaw-dropping second-quarter guidance issued in May . It’s also why Nvidia was recently able to downplay potential new U.S. restrictions on chip exports to China : Demand everywhere else is so strong. The market has clearly taken note as estimates have been revised higher. Wall Street now expects Nvidia to earn $7.58 per share in fiscal 2024, according to an average of analyst estimates compiled by FactSet. Remarkably, that’s up 75% from the $4.34 per share analysts expected Nvidia to earn in FY24 at the end of 2022. After entering a correction phase last year, Nvidia’s gaming business has appeared to bottom, too, further boosting sentiment around the stock. META YTD mountain Meta Platform’s year-to-date stock performance. Meta Platforms (META) is both the No. 2 Club stock and S & P 500 constituent in the first half, gaining 138.5% over the first and second quarters. Meta rose 35.4% in Q2 alone. Investors have bought into the Facebook and Instagram parent’s “year of efficiency” story, which CEO Mark Zuckerberg laid out Feb. 1 alongside the company’s fourth-quarter earnings . And it only took a few months for those efficiency gains to show up in the social media giant’s financial results . Meta’s solid execution has also been met with some encouraging signs in the digital advertising market after a downturn last year, and increasing traction in Reels, its short-form video feature to battle TikTok. Meta is wisely using AI to attract more advertisers through improved monetization, and to fuel its content recommendations for Reels to grow engagement. More generally, we see Meta as a likely winner in the AI race. PANW YTD mountain Palo Alto Networks’ year-to-date stock performance. Palo Alto Networks (PANW) advanced 83.1% over the first and second quarters, making it the third-best performing Club holding in the first half. In the second quarter, in particular, the cybersecurity stock rose about 28%. Palo Alto’s success this year has been driven by a number of factors, including its impressive stretch of profitability, which enabled the company to join the S & P 500 . Its inclusion became effective in late June, meaning index funds and ETFs that track the S & P 500 needed to buy PANW shares at any price to fulfil their purpose. Palo Alto also has benefited from cybersecurity being a resilient pocket of enterprise software budgets. The company’s platform approach appeals to value-conscious customers who want to consolidate their security spending to fewer vendors; Palo Alto’s offerings include physical firewalls and cloud-native products. This general trend around consolidation should help Palo Alto down the road, too. AMD YTD mountain Advanced Micro Devices’ year-to-date stock performance. Advanced Micro Devices (AMD) rose 16.2% in the second quarter to bring its first-half gains to 75.9%, the fourth-best performance of any Club stock. The bulk of those gains came in the first quarter, during which AMD soared 51.3%. AMD’s best single-day performance in the first half fell on Feb. 1, the day after CEO Lisa Su said on the company’s fourth-quarter earnings call that its struggling PC business was bottoming. That was an important AMD-specific development that helped send its stock up 12.6% in one day. More generally, the chipmaker’s stock has seen a huge lift from AI tailwinds across the technology industry. To that end, AMD’s second-best day this year was May 25, the day after Nvidia’s blowout earnings and guidance. AMD rose 11.6% in sympathy. While we see AMD’s chips playing a part in the AI ecosystem in the coming years, for now it’s a distant second to Nvidia . We took some profits in AMD in late May, believing its AI-fueled stock gains were getting ahead of any AI-related revenue contribution. What’s the common denominator among the first-half winners? Wall Street’s aversion to high-multiple tech stocks — a key theme throughout 2022 — changed with the turn in the calendar. Last year, value stocks were all the rage. Now, the market has shifted back to favoring growth, particularly growth tied to artificial intelligence. It’s worth noting that three of the four first-half winners also were standout performers in the second quarter, specifically. If our list were to only focus on top-four Q2 performers, Nvidia, Meta and Palo Alto would’ve made the cut, while AMD would’ve been replaced by Eli Lilly (LLY). The drugmaker’s stock soared nearly 37% in the second quarter, after declining 5.8% in the first quarter. Its strong April-through-June gains were fueled by promising Alzheimer’s drug-trial data and a range of encouraging news around its obesity-and-diabetes therapies . The laggards FL YTD mountain Foot Locker’s year-to-date performance. Foot Locker (FL) shares fell 28.3% in the first half of the year, the biggest decline for a Club stock during that stretch. After rising 5% in first quarter, Foot Locker shares plummeted 31.7% in the April-through-June quarter. Foot Locker’s disappointing first-quarter results , reported on May 19, were the primary reason for its bad first-half performance. The stock fell 27.2% in a single session in response, closing at $30.21 per share. Foot Locker had closed the prior session at $41.52 per share, meaning it was slightly positive for the year after closing Dec. 30 at $37.79. We invested in Foot Locker as a turnaround story , so we had low expectations going into the first-quarter print. Still, the actual results and lowered full-year guidance proved to be worse than we expected. The bottom line is Foot Locker’s situation got materially worse after management rolled out its “Lace Up” strategy at an investor day in March. The Club, like many others on Wall Street , had been impressed by the plan outlined during that event. To get the stock going, proof will be in the pudding. The business turnaround will need to start showing some momentum. EL YTD mountain Estee Lauder’s year-to-date stock performance. Shares of Estee Lauder (EL) dropped 20.9% in the first half of 2023, making the high-end cosmetics company the second-worst Club stock over that timeframe. After a less-than-1% drop in the first quarter, EL shares fell about 20% in the second quarter. China’s economic recovery has not lived up to expectations, which contributed to major inventory issues at Estee Lauder’s important duty-free stores because products weren’t selling as well as hoped. This dynamic led Estee Lauder to issue a very weak fourth-quarter outlook on May 3 , sending its stock down 17% in one session. Estee Lauder’s China opportunity over the long term still looks attractive. But more immediately, the big question for investors is what the company’s fiscal year 2024 guidance will look like. We expect it’ll take a few quarters to work off that excess inventory. We’re willing to be patient with the stock — and even bought some on weakness in mid-May — because we don’t think Estee Lauder’s brands have lost appeal. It’s easier to work through inventory issues when brand reputation is still intact. HAL YTD mountain Halliburton’s year-to-date stock performance. The third-worst first-half performer is Halliburton (HAL), which fell about 16% during that stretch. The oilfield services provider actually saw its stock gain 4.8% in the second quarter, but was stuck in the bottom four after a 19.6% first-quarter decline. Weakness in oil prices, tied in part to economic uncertainty, has been a drag on Halliburton and other energy names. West Texas Intermediate crude ended the second quarter under $71 per barrel, about $10 below where it started the year. Updates from Halliburton haven’t been terrible in 2023 — delivering quality fourth-quarter numbers in January with an update to its cash-return policy that links a portion of future dividends and stock buybacks to free cash flow. Then, in late April, its first-quarter results were solid , too, with management talking up cash returns and its outlook on demand. However, an overhang on the stock has been investor concern about services pricing, and whether a key tailwind for Halliburton in recent years is fading. If true, that’s good for our exploration-and-production companies like Coterra Energy (CTRA), but less so for Halliburton. HUM YTD mountain Humana’s year-to-date stock performance. Humana (HUM) dropped 12.7% in the first half of 2023, rounding out the bottom-four Club stocks between January and June. Well into the second quarter, Humana’s stock was essentially flat for the year — it closed Dec. 30 at $512.19 per share and then at $512.63 per share June 13. Then UnitedHealth Group (UNH) warned about elevated medical costs among seniors , driven in part by a rise in outpatient procedures. Managed-care stocks were slammed, including Humana, which tumbled 11.2%, to $455 per share. Humana has failed to gain traction since, ending the second quarter at $447.13 per share. On June 16 in a securities filing , the company indicated that it also is seeing an uptick in surgeries and other medical services. While HUM encouragingly reaffirmed its full-year earnings guidance, the company now expects its benefits expense ratio, a closely watched industry metric, to come in toward the top of its full-year guidance range. The common denominator among the worst-performing Club stocks is a bit less obvious than with the winners. But with three of the four losers, we can point to major events that really torpedoed sentiment around the stock: earnings for Foot Locker and Estee Lauder, while UNH’s warning for Humana. All three companies had major pivot points within the second quarter that prompted investors to head for the exit and changed the narrative around the stock. Halliburton’s presence in the bottom four, in some sense, represents the still-present recession fears among a segment of the investment community, and what happens when there’s concern that a big Covid tailwind – pricing power – might soon recede. If our list were focus only on the second quarter, Halliburton would have been replaced by Disney (DIS), which fell 10.8% in April-through-June period; the other three would’ve made the cut. The media and entertainment giant’s stock ended the second quarter nearly 12% below where it traded before its fiscal second-quarter results were released May 10. DIS shares tumbled nearly 9% the next day . (See here for a full list of the stocks in Jim Cramer’s Charitable Trust is long.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
Nvidia CEO Jen-Hsun Huang at the Consumer Elctronics Show (CES) in Las Vegas, USA, 04 January 2017. Huang announced that his company would collaborate with the German car company Audi in future.
Aventon has officially announced its latest electric bicycle, the Pace 4, adding advanced smart bike technology and enhanced rider comfort to its popular line of urban-friendly e-bikes. The Pace 4 builds upon Aventon’s successful formula of accessibility and ease of use, now augmented with new connectivity and security features that make it harder to steal and easier to get back.
At the heart of the Pace 4 is Aventon’s latest innovation: the Aventon Control Unit (ACU). The ACU significantly upgrades the bike’s intelligence and security capabilities, bringing GPS tracking, geofencing, and remote locking to the Pace 4.
With the addition of the ACU, riders gain the ability to monitor their bike’s location in real-time, set virtual boundaries that trigger alerts if the bike leaves a specified area, and remotely lock the rear wheel, helping to improve security and peace of mind. A startup passcode can also be enabled to further improve theft deterrence, ensuring the bike can only be activated by authorized users.
The remote locking and passcode can help deter some theft, but the GPS tracking makes it easier to get the bike back if it ever does find itself in the wrong hands. The GPS feature and the 4G data communication both require a 4G data subscription, which is provided complimentary for one year at the time of purchase.
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Of course, there’s no such thing as a theft-proof bicycle, but these types of smart features help riders get closer to that goal. Plus, as bike thieves become more aware of which e-bikes include built-in GPS or other theft deterrence features, hopefully those models will become less attractive targets.
The Pace 4 doesn’t only upgrade its intelligence. Its performance and comfort have also received their own improvements.
Powered by a 500W rear hub motor rated for a peak output of 864 watts and 60 Nm of torque, the Pace 4 provides decent power for smooth urban commuting and enjoyable leisure rides. According to Aventon, riders can expect consistent and reliable performance across various terrains and riding conditions.
It may not match the 750W continuous-rated motors we often see in the North American market, which usually output peak power in the low four figures of watts, but it should still provide good power and climbing performance on moderate hills.
The Pace 4 features a 36V 20Ah battery, which Aventon states can deliver a range of up to 70 miles (112 km) when ridden in ECO mode. Of course, few people actually ride solely in the lowest power mode, and so the real-world range is likely to be somewhat lower – especially for riders who make ample use of the throttle. But with just over 720 Wh of battery capacity, the Pace 4 is likely still ideal for extended city commutes, recreational rides, and weekend exploring. And with the included torque sensor, the pedal assist is more responsive, giving riders more reason to let go of the throttle and enjoy the pedal assist performance.
The 27.5×2.1″ urban tires will be most at home on pavement but can likely still handle fairly smooth trails. Whether for daily commuting or leisurely outings, the bike seems outfitted for a variety of use cases.
The Pace 4 lacks traditional suspension but the bike does include a suspension seat post offering 2 inches (50mm) of travel. This feature absorbs shocks and vibrations from rough roads, preventing them from traveling up through the saddle and into the rider’s rear, enhancing the riding experience. Complementing this is an ergonomic handlebar design aimed at promoting a relaxed, upright riding posture, reducing rider fatigue on longer trips and increasing overall comfort.
Neither of these can replace true front or rear suspension, but they go a decent way toward adding more comfort to the ride.
Aventon has also emphasized accessibility with the Pace 4. It features a step-through frame design that makes getting on and off the bike much easier than swinging a leg over the rear, helping the bike cater to riders of all ages and abilities. Available in two frame sizes and three colors of Flint, Mica, and Blue Steel (grey, black, and light blue), the Pace 4 also offers a bit of variation to help riders dial in the size and style closer to their tastes.
The new Aventon Pace 4 sticks with the company’s recent drive to push the boundaries of e-bike technology, combining smart connectivity, enhanced security features, modest performance, and some nods toward comfort. I’d imagine the bike would appeal to a broad range of riders if it wasn’t for the price, which feels fairly high to me. Plus, the base model doesn’t include a rack, fenders, or other commuter staples that will only elevate the price further. That being said, the Pace 4 launches at a time when e-bike prices are expected to arrive across the board, either slightly for models built in various Asian countries or significantly for models built in China.
But ignoring the price (as hard as that may be), I do like what I see here. It’s hard to compare to Class 3 e-bikes with more powerful 48V systems, but this isn’t designed to compete with those models. It’s a more modest, easier-going model. But for its intended audience, it comes with some nice features that we don’t often see elsewhere.
I really hope features like built-in tracking become more common across the board, as they’re hugely valuable for riders.
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British Columbia got its first 400 kW DC fast charger last week at Canadian C-store chain On The Run, but that’s not the good part. As part of a limited time offer, these chargers are FREE!
The Canadian convenience store chain just took the wraps off its new, ABB-developed, 400 kW chargers earlier this month, but they’re already planning to bring the ultra-fast 400 kW dispensers to at least four more locations in BC this spring, and have them online just in time for the summer road trip season – something On The Run hopes its customers will appreciate.
“The A400 charger delivers an enhanced customer experience, with reliability and performance from a 32-inch screen to higher power charging sessions and power sharing,” reads the company’s official announcement, via LinkedIn. “Download the Journie Rewards app to start the charge – free for a limited time.”
On The Run’s new 400 kW ABB DC fast chargers are compatible with CCS and CHAdeMO plugs, and can accommodate Tesla and other NACS-equipped vehicles with an adapter. That said, the company seems to imply that Tesla drivers in particular will have a maximum charging speed of “just” 50 kW, which feel hilarious (given the current state of affairs between Tesla and the Canadian government), but probably isn’t.
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In addition to the ABB A400 400 kW units shown here, On The Run locations also employ the ABB Terra 184 dispensers rated at 180 kW. On The Run plans similar deployments at the four BC locations mentioned above, as well as two more each in Quebec and Ontario slated to go live towards the end of this year.
Electrek’s Take
Tesla’s controversial CEO Elon Musk once mocked 350 kW charging speed as being “for a child’s toy,” despite the fact that, nearly nine years later, his own cars and Superchargers can barely make it to 325 kW while others have sailed right on past. I made fun of that fact on the Quick Charge episode shown, above – and, while I do think it’s funny and relevant, the much more relevant piece of news here is that companies like BP Pulse, Revel, and Wallbox are actively deploying 400 kW solutions, today (while others hit the same mark as far back as 2017).
Terawatt Infrastructure‘s first medium- and heavy-duty electric charging truck stop in California is now online, in Rancho Dominguez.
Located 12 miles north of the ports of Long Beach and Los Angeles, the private Rancho Dominguez site, which is shared among multiple fleets, will support electric trucking fleet operations in and out of the largest container ports in the US.
First customers include Dreaded Trucking, Hight Logistics, PepsiCo, Quick Container Drayage, Southern Counties Express, Tradelink Transport, and WestCoast Trucking & Warehousing.
Terawatt’s electric charging truck stop features 20 pull-through and bobtail DC fast charging stalls with a capacity of 7 megawatts (MW), enabling charging for up to 125 trucks per day using a simple reservations system. Terawatt’s site features a proprietary charge management system, in-house technicians, 24/7 customer service, and onsite parts management.
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“This launch underscores growing collaboration between enterprises, shippers, carriers, and charging infrastructure providers to advance sustainable technologies across logistics and transportation operations, especially in the medium and heavy-duty sectors,” said Neha Palmer, CEO and cofounder of Terawatt. Palmer added that the company will bring another charging site online in Rialto, California, in June.
Terawatt joined some of the world’s largest shippers and carriers in September 2024 to launch the I-10 Consortium heavy-duty EV operations pilot, the “first-ever US over-the-road electrified corridor.” Terawatt is providing charging infrastructure, including software, operations, and maintenance support at six of its owned charging hubs along the I-10 corridor.
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