![]() Palantir is currently unprofitable under generally accepted accounting principles ( GAAP ), although it's free cash flow positive, and its commercial offerings appear to be taking off. Nvidia still trades at a lofty 34 times earnings, but it is in a cyclical downturn at the moment. Meta definitely looks extremely cheap, trading at just 11.7 times earnings. Is the bottom for these stocks in sight? It's hard to say. Nvidia and Meta are each down 64% from their all-time highs, while Palantir is down 83%. Incrementally good or relieving news can cause big rallies in beaten-down stocks, and these three are definitely that. Nvidia, Meta, and Palantir all have significant international sales, so to see a currency crisis averted - at least for a day - also relieved some pressure. ![]() ![]() ![]() The situation had even spurred some economists to say there was a risk of international contagion in recent days, so to see the Bank of England step in was also encouraging. The British pound has been collapsing ever since the new Truss government announced a large unfunded tax cut for the wealthy, which backfired and caused a crisis of confidence in the U.K.'s currency. government bonds in order to stop yields from spiraling higher. In addition, the Bank of England reacted today to the country's currency and interest rate crisis, announcing that it would not begin selling the country's bonds to combat inflation as planned, but would rather temporarily begin buying U.K. That's a big drop, giving relief to technology stocks. However, today those yields bounced lower, falling back nearly 20 basis points to 3.77% as of this writing. In recent days, as the Federal Reserve has become incrementally hawkish and started accelerating its quantitative tightening program to get control of inflation, the 10-year yield has rocketed past its previous June highs and briefly surpassed 4% last night - a level not seen since the global financial crisis of 2008-2009.
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