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Will Tesla $TSLA save Cathie Wood? Since its decline in April 2024, the EV giant has surged by nearly 75%, and now comprises 15% of the ARK Innovation ETF $ARKK (as of July 12). Cathie Wood typically limits the fund's stake in stocks to 10%, and while she has reduced this position in recent weeks, Tesla remains a significant part of the portfolio. Despite this, ARKK continues to disappoint investors: it has posted a year-to-date return of -7%, trailing the S&P 500 $SPX by 18%. Over the past 5 years, the ETF has returned -3%, sharply contrasting with the S&P 500's 86% growth. Many investors once viewed Cathie Wood's fund as the "next big thing" following its 150% surge in 2020. The result? According to Morningstar data, the ARK Innovation ETF has destroyed $7.1 billion in wealth, resulting in a $14 billion loss for Ark Invest ETFs overall.
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The number of #Bitcoin and cryptocurrency holders using mobile wallets has reached an all-time high of 28 million.
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Surge in Semiconductor Sector Stocks The Nasdaq PHLX Semiconductor Index (SOX) will reach 5700 on July 12, 2024, showing an annual growth rate of 12.4% (CAGR) since 1995 and an annual growth rate of 21.4% (CAGR) since 2010.
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Home insurance rates in the U.S. have increased by an average of 20% since the beginning of 2023 and are expected to continue rising. "Last month, State Farm asked California regulators to increase homeowners' rates by 30%, just three months after a 21% increase took effect," reports WSJ.
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U.S. banks are still carrying unrealized losses of more than $500 billion due to the decline in the value of their bonds caused by rising interest rates.
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