Super Micro Computer's big stock split, Costco rises, and Bitcoin falls: Markets news roundup
Plus, a ton of people are now underwater on their car loans
Super Micro Computer (SMCI) is set to undergo a stock split after the market closes on Monday, aligning itself with other prominent AI-driven companies like Nvidia $NVDA and Broadcom $AVGO, which also executed stock splits earlier this year. Following the split, the stock will begin trading Tuesday at its adjusted—and substantially lower—price.
Americans have a huge automotive debt problem right now. A new survey shows that 31 percent of American drivers who financed their car are underwater on their loans. The problem is even worse for EV owners – 46 percent of those folks have negative equity in their electric cars. Furthering the issue is the fact that over half of the drivers surveyed overestimated their vehicle’s value. Rough.
The cryptocurrency market is poised to enter the new quarter with renewed optimism, fueled by recent interest rate cuts and the anticipation surrounding the upcoming November election. Regardless of the outcome, both major political sides have hinted at policies that could be favorable to the crypto industry, further boosting investor confidence.
Bitcoin fell to $60,000 on Tuesday evening as tensions in the Middle East worsened due to Iran’s attack on Israel. The leading cryptocurrency dropped nearly 5%, trading at $60,834.
If you’re thinking about buying a condo in Miami, you might want to hold off.
According to a new report from UBS, Miami has the highest bubble risk among all the cities it surveyed globally.
UBS (UBS) said that while the boom in Miami housing has “somewhat” cooled thanks to higher mortgage rates, prices in the city have risen by almost 50% since the end of 2019. Seven percent of that growth happened in the last four quarters.
