3 Stocks to Watch for the Week of June 5, 2023

Now that the whole debt ceiling drama is (hopefully) behind us, one wonders what the next narrative the financial media is going to latch on to this week.

Will it be back to the most predicted recession of all time? Whether the Fed will pause rates in June?

These are my bets for what’s going to dominate the financial news headlines moving forward.

Now, I’m not saying these aren’t big issues. But what I am saying is that if you pay too much attention to them, you’ll miss the opportunities you don’t hear about in the news.

So, to start off the week, I’m posting three stocks that could potentially deliver fast gains for short-term focused investors – and why I think so.

Snowflake Inc. (SNOW)

Cloud computing giant Snowflake is an expensive growth stock that is still unprofitable. Yet, it’s also up 12% over the past week and 23% on the year – while still being nearly 60% below its peak.

Its app-building and data warehousing services are likely beneficiaries from the AI boom, And it’s got the Warren Buffett seal of approval – with Berkshire having bought its stock during its IPO at prices over 50% higher than they are today.

As AI buzz continues to dominate the markets, Snowflake looks to be an intriguing opportunity that could potentially deliver some fast wins.

C3.ai, Inc. (AI)

Let’s make one thing very clear at the beginning – this is an extremely volatile meme stock, so manage your position sizes accordingly. This small-cap enterprise AI play has been a favorite of the retail “meme stock” crowd, and that has been reflected in its spiky stock price movements.

Some context, this stock is up nearly 215% in 2023 and 100% over the past month. However, it took a big dip recently on the back of a weak sales outlook. So,now might be a good time to take a small position here and see how it plays out.

Again, treat this stock as what it is – a fast-moving meme stock. Get in and get out, and don’t risk too much.

ChargePoint Holdings, Inc. (CHPT)

Short interest on this EV charging infrastructure has now exceeded 20%, pointing toward many investors having a bearish sentiment on this stock. But this also sets up the conditions for the infamous “short squeeze” – where rising prices force short-sellers to cover their positions by buying the stock, thus causing it to rise even more…

Of course, you need an initial catalyst to get the price moving up in the first place. The good news is that analysts have been upgrading their ratings on the stock, and their revenue growth has been solid. Guidance came in on the low side – creating a dip that we can possibly take advantage of.

To your wealth,
Felix @ Ace of Investing