by Louis Navellier

March 26, 2024

We are entering a brave new world, shaped more by groundswell public opinion than the super-elite at Davos, which is why there is a backlash against many Davos-led mandates. The biggest groundswell started with European farmers who did not like: (1) having up to 30% of their land seized, (2) reducing their livestock, and (3) eliminating chemical fertilizers to comply with the Paris Climate Accord.

As a result, a Farmer-Citizen Movement party emerged out of nowhere and is now the largest party in the Netherlands, in an abrupt right-ward shift. Farmer movements have emerged all over Europe. Even in the U.S., grocery prices are shaping public opinion and are expected to influence the upcoming election.

Elon Musk’s purchase of Twitter (now X) means the news media and other outside powers no longer have Twitter and some of its fake bots to push a certain narrative that would favor their established candidate. Musk’s move has gotten Tesla kicked out of the S&P 500 ESG index and gotten him disinvited from the World Economic Forum in Davos, Switzerland, since he has largely eliminated fake bots designed to shape opinion on the “X” forum, but he had discovered that intelligence agencies around the world, including the CIA and NSA, were apparently in the “bot” business to shape opinion and wield influence.

The best way I help skeptics picture AI is to study their pets, which tend to “react” rather than “think.”  Of course, I realize that cats, dogs and horses can actually think, and maybe some of them really are plotting against us, especially mischievous cats, but by and large, most animals react. Humans are no different. We think we think, but we react more than we think we do, except when we quietly reflect, using our free will.

While cats, dogs and especially horses are “herd” animals, humans also tend to gather with other humans of like minds to exchange ideas. Naturally, an increasing amount of human interaction happens online via Facebook, Rumble, TikTok, X and other social media sites. AI is expected to increasingly dominate these sites, but increasingly, the media, manipulators and related bots are expected to dominate these triggers.

This brings me to the role of our leading AI stocks in the brave new world of providing information to the world. Nvidia and Super Micro Computer are revolutionizing data centers around the world. Not only is Nvidia upgrading its AI chip (DGX H100/DGX H200) every year, but when Nvidia founder and CEO Jensen Huang spoke before Stanford Business School recently, he confirmed that by the end of the decade Nvidia will have one very heavy liquid-cooled computer, with approximately 35 chips that would replace today’s data centers. So essentially, the speed of Nvidia’s AI chips is doubling about every year.

I should add that Nvidia, at its annual GTC Conference last week, announced the successor to its highly coveted AI chips via its new Blackwell B200 GPUs (made with 208 billion transistors), so AI processing power continues to accelerate! As a result, I humbly suggest that intelligence agencies (CIA, NSA, etc.) should beef up their AI data mining instead of striving to influence voters and youth via social media.

The other big news is that Nvidia launched a cloud service for researchers to test out their quantum-computing software. The Nvidia Quantum Cloud will first comprise a data center stacked with AI chips and systems that, together, simulate a quantum computer. As of yet, Nvidia has no quantum computer attached to its cloud service, but it will provide access to third-party quantum computers in the future.

Nvidia also announced that supercomputers at Denmark’s Novo-Nordisk Foundation and Australia’s Pawsey Super-Computing Research Centre, both dedicated to quantum computing research, will also use the company’s hardware. In the end, the major quantum computing promise stems from its computation speeds that are hundreds of millions of times faster than today’s supercomputers, since quantum computing does not rely solely on binary zeroes and ones, like current computers.

All of this talk about data centers, and Nvidia’s new Blackwell B200 GPUs, will also be great for Super Micro Computer (SMCI), which was added to the S&P 500 last week, on Monday March 18th. Clearly, SMCI is gearing up to dominate the new liquid-cooled AI chips in data centers, which are getting faster all the time. After the stock was added to the S&P, the price consolidated after Super Micro Computer announced a two million share secondary offering with Goldman Sachs, priced at $875 per share.

Goldman Sachs prepared an extensive report on what stocks will benefit from AI. Interestingly, Goldman identified 93 companies that will benefit from AI infrastructure, including semiconductor companies, cloud computing firms, data center REITs, hardware/equipment companies, cybersecurity firms and utilities. Then Goldman identified 31 other AI enabler companies, which include software companies, as well as IT service companies. Finally, Goldman identified 50 companies poised to benefit from AI generated productivity gains, including some big retailers, as well as healthcare-related companies.

Cuba Proves (Once Again) that Communism Doesn’t Work

The number of global wars, or riot zones, continues to increase. After riots erupted in Haiti, neighboring Cuba is apparently on the brink of collapse, as power blackouts and a shortage of food is causing citizens to take to the streets and protest in five Cuban cities. Video recordings posted on social media showed hundreds of demonstrators chanting “electricity and food.”  To squelch protests, the Cuban government curtailed mobile internet services. Omar Everleny, a Cuban economist, said, “We have blackouts, and now a problem with food, and there’s nothing the government can do in the short term to fix things.”

Cuba’s power generation is running at barely one-third of capacity and the nation has been hurt by cutbacks in oil shipments from Venezuela. In February, the Cuban government had no flour and couldn’t guarantee the supply of bread until the end of March. For the first time ever, Cuba recently went to the United Nations World Food Program to request powdered milk for children. Tourism has largely vanished amidst the Cuba’s hardship, denying its citizens important foreign currency. The Cuban peso is now essentially worthless, so Canadian dollars, euros and U.S. dollars are their preferred currency.

Turning to Ukraine, the Biden Administration has asked Ukraine to halt any attacks on Russia’s energy infrastructure due to surging crude oil prices. In a Presidential election year, rising gasoline prices at the pump are apparently a “red line” influencing the Biden Administration! The call for a cease fire in Gaza also has election repercussions in the swing state of Michigan, where Dearborn and two other Michigan cities with a large Arab population, are turning against the Biden Administration for its support of Israel.

Due in part to these wars and partly due to seasonal demand, crude oil prices are over $80 per barrel. There have also been drone strikes by Ukraine on Russian refining facilities. China is currently importing Russian crude oil at the rate of 1.7 million barrels per day. The Ukrainian drone strikes caused a refinery in Krasnodar that normally processes around 170,000 barrels of crude oil per day, to shut down. We’ll ride this energy boom through the spring and summer peak demand, but if it looks like President Biden may be replaced by a younger candidate or if Trump may win, we could sell our energy stocks in September.

Navellier & Associates owns Nvidia Corp (NVDA), Super Micro Computer, Inc. (SMCI), Meta Platforms Inc Class A (META), and Novo-Nordisk A/S Sponsored ADR Class B (NVO), and some accounts own Tesla (TSLA) per client request, in managed accounts. We do not own Rumble Inc. (RUM). Louis Navellier and his family own Nvidia Corp (NVDA), Super Micro Computer, Inc. (SMCI), and Novo-Nordisk A/S Sponsored ADR Class B (NVO), via a Navellier managed account, and Nvidia Corp (NVDA), in a personal account. He does not personally own Tesla (TSLA), Rumble Inc. (RUM), or Meta Platforms Inc Class A (META).

All content above represents the opinion of Louis Navellier of Navellier & Associates, Inc.

Please see important disclosures below.

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Louis Navellier

Louis Navellier is Founder, Chairman of the Board, Chief Investment Officer and Chief Compliance Officer of Navellier & Associates, Inc., located in Reno, Nevada. With decades of experience translating what had been purely academic techniques into real market applications, he believes that disciplined, quantitative analysis can select stocks that will significantly outperform the overall market. All content in this “A Look Ahead” section of Market Mail represents the opinion of Louis Navellier of Navellier & Associates, Inc.

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