Diamonds and Dogs
NVIDIA (NVDA) is benefitting from demand for cryptocurrency. Nvidia is rebounding 3% following a recent sell off due in part to demand from a new industry. Cryptocurrencies like Bitcoin and Ethereum are up 325% and 2,240% in the last 12 months. Thanks to strong demand, cryptocurrencies need Nvidia's graphics processing unit (GPU) to accelerate their operations. One analyst said cryptocurrency miners purchased $100 million worth of NVIDIA GPUs in just 11 days. Ethereum miners preferred AMD's GPUs, indicating that AMD's sales are probably higher than NVIDIA's sales.
O'Reilly Automotive (ORLY) needs a major tune up. The stock for the auto parts maker is down 18% to a three year low after saying second-quarter comparable store would rise only rise 1.7%, well short of its guidance of 3% to 5%. Long term, the company remains confident in the health of their industry and their team's ability to provide exceptional customer service and take market share in this challenging demand environment. Unless everyone switches to battery charged cars.
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