Happy Wednesday afternoon to everyone on The Street. Here's a snapshot of where markets ended the trading session, plus tomorrow's trade idea delivered to you today.

• ❌ | US Markets Were Closed on Wednesday.

• 📥 | Tomorrow's Trade: Data Center Dedication. Scroll down for more.

Plus, today’s partner explains the latest developments in AI.

4 Days Left: want to win a $50 Amazon gift card? Please click here to take The Street Sheet & Griffin Asset Management Summer 2024 Wealth Survey.

YESTERDAY’S POLL RESULTS

Are you bullish or bearish on Disco (DSCSY) over the next 12 months?

🟩🟩🟩🟩🟩🟩 Bullish

🟨⬜️⬜️⬜️⬜️⬜️ Bearish

MARKET MOVERS

BEFE, Basenji, & SingularityNet

The US stock market may be closed, but cryptocurrencies are still making moves.

BEFE (+77%) BEFE surged as the cryptocurrency took the lead in the latest meme coin rally (CryptoNews)

BENJI (+59%) Crypto coin Basenji saw its price pop amid a more positive sentiment in the crypto universe as Bitcoin reclaimed the $65,000 level.

BIAO (+71%) Biaoquing, the biggest Chinese meme coin, is now a successful Ethereum coin and announced its first CEX listing (YF)

AGIX (+21%) SingularityNet continues to rally after announcing a token merger with Ocean Protocol and Fetch.ai to form Artificial Superintelligence (CT)

FRONT (-4%) Chain-agnostic DeFi aggregation layer Frontier saw its market cap fall to $80 million (Forbes)

TOGETHER WITH THE RUNDOWN AI

Keep up with AI

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OVERHEARD ON THE STREET

MW: The probability of a US stock-market crash, defined as a 40% decline over the next two years, is currently sitting at 18%, which is below average.

NPR: Walmart is the latest retailer to announce it’s replacing its price stickers with electronic shelf labels, allowing price changes as often as every ten seconds.

Bloomberg: Ian Sheperdson of Pantheon Macroeconomics believes the Fed must “not be so backward-looking” as it’s going to be too late to start rate cuts.

MW: Goldman Sachs believes gold is a way to hedge the inflation risks of a potential Republican sweep in presidential and Congressional elections.

CNBC: Markets are convinced the Bank of England will not cut interest rates on Thursday despite the U.K. headline inflation reaching its 2% target.

TOMORROW’S TRADE IDEA, TODAY

Data Center Dedication

Changing Things Up

Goodman Group (GMGSF) is in the process of transforming its warehouses into data centers. This move could allow the company to gain exposure to the huge surge in demand for AI infrastructure. 

The Australian property group claims to have access to over 4 gigawatts of electricity spread across 12 cities where it does business. 

According to Citigroup (C) analyst Howard Penny, this pivot could result in sizable “medium-term earnings growth” for the industrial property firm.

Making Moves

Goodman announced earlier this year that it would expand its data center operations in Asia. The project involves a new 50-watt data center in Hong Kong and as much as 1,000 megawatts of power delivered to Japan.

To support this growth, the company opened a new office in Singapore.

The Stock

Goodman stock is up over 50% YTD and 80% over the past 12 months, reflecting investor excitement surrounding its business model change. Citi has given it a price target of $26.50, signifying an upside of around 12%. 

According to Citi, the company is undervalued compared to some of its peers based on adjusted earnings. The bank also believes that its jump in P/E ratio is justified by the fact that its forward earnings projections are above its competition. 

AI is impacting everything these days, and industrial real estate isn’t immune. For investors looking for an outside-the-box way to invest in AI, this stock could be just the thing.

TOGETHER WITH THE RUNDOWN AI

Keep up with AI

How do you keep up with the insane pace of AI? Join The Rundown — the world’s largest AI newsletter that keeps you up-to-date with everything happening in AI, and why it actually matters in just a 5-minute read per day.

Sign up with one click

ON OUR RADAR

NYP: Pizza Hut has abruptly shuttered 15 locations in the Midwest, and more than 120 others are at risk of closing due to a legal dispute with a franchisee.

Fox Business: California has fined Amazon $5.9 million on allegations of working warehouse employees so hard that their safety was put at risk.

Deadline: Elon Musk said that he’s in agreement with Geoff Hinton, one of the godfathers of AI, that there’s a 10-20% probability of an AI global disaster.

Reuters: The Supreme Court agreed to hear Nvidia's bid to scuttle a shareholder lawsuit accusing the chipmaker of misleading crypto industry sales figures.

The Hill: The Biden administration announced new tax breaks and subsidies to push for higher pay for green energy workers.