Cannabis stocks saw a short-lived rally Tuesday following reports that the DEA will move to reschedule marijuana from a Schedule I to a Schedule III substance. The DEA's proposal would recognize the medical uses of cannabis and acknowledge it has less potential for abuse than Schedule I substances.
Super Micro Computer reported quarterly earnings of $6.65 per share which beat the analyst consensus estimate of $5.78 by 15.05% and represents a 307.98% increase over earnings of $1.63 per share from the same period last year. Quarterly sales clocked in at $3.85 billion which missed the analyst consensus estimate of $3.952 billion by 2.58% and is a 200.08% increase year-over-year.
A former employee reportedly provided prosecutors from the Southern District of New York with documents showing CashApp required insufficient information related to customer risk-assessment, Square processed thousands of transactions involving countries subject to economic sanctions and Block processed cryptocurrency transactions for terrorist groups.
Gauss AI and Heartdub are jointly developing Gausspeed, a generative artificial intelligence (AIGC) platform designed for film production, video generation, and other content creation within the digital entertainment sector. The companies are leveraging the Nvidia Omniverse and Nvidia RTX GPUs in development.
Despite the better-than-expected results, Sofi shares are dipping lower Tuesday after falling 10% on Monday. Following the print, Wedbush analyst David Chiaverini reiterated Sofi with an Underperform and maintained a $3 price target on the stock. Needham reiterated its Buy rating and maintained a $10 price target.