Sofi Technologies (SOFI) is today’s top stock. The stock rallied by 11.43% on Monday after it announced a $2 billion loan platform agreement for personal loans.
Fortress Investment Group will manage the loans. This enables SoFi to expand its loan platform. SoFi will refer its prequalified borrowers to its loan origination partners. CEO Anthony Noto said that the deal allows SoFi to serve the financial needs of more members. It also diversifies its revenue sources toward the less capital-intensive business.
Nvidia (NVDA) continued its uptrend on Monday. Its market capitalization of $3.31 trillion should keep rising. By comparison, Apple (AAPL) trades at a $3.46 trillion market cap. Nvidia has strong pricing power in the PC gaming market and the AI server market.
Conversely, Apple’s hardware sales are on the decline.
Apple needs a breakthrough iPhone device that drives the upgrade cycle. However, the iPhone 16 and Pro level units do not offer enough new features. Additionally, Warren Buffett’s Berkshire Hathaway (BRK-B) sold 389 million Apple shares in the second quarter.
Apple offset the selling pressure by announcing an aggressive stock buyback. Using billions to support the share price may not maximize Apple’s long-term prospects.
Investors seeking exposure to the smartphone market may consider Qualcomm (QCOM). Sales of Snapdragon 8 Gen 4 may grow sharply this year. The chip supplier benefits from higher demand from Samsung and Chinese smartphone makers.