Happy Monday 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 stocks fell today in a light trading day ahead of the new year.

• 📈 | One Notable Gainer: NVIDIA’s stock ticked up 0.4%, the only Dow Jones component to close in the green, after finalizing its acquisition of software start-up Run:ai.

• 📉 | One Notable Decliner: Boeing shares shed 2.3% after South Korea ordered an inspection of all 737-800 planes in the wake of a deadly Jeju Air crash over the weekend that killed 179 of 181 passengers.

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MARKET MOVERS

MicroStrategy, EQT Corporation, Lamb Weston

MSTR (-8.2%) MicroStrategy Is Buying Less and Less Bitcoin. The Stock Is Down. (Barron’s)

EQT (+5.1%) Temasek, EQT to exit Indian renewable energy platform O2 Power (TNGlobal)

LW (-3%) Jana Partners signs up sixth executive as it pushes for changes at Lamb Weston, filing shows (Reuters)

TSLA (-3.3%) Tesla Stock Takes A Breather: Is The Rally Losing Charge? (Benzinga)

OVERHEARD ON THE STREET

CNBC: The NYSE and Nasdaq will close on Jan. 9 in honor of the late former President Jimmy Carter, who passed away last night.

WSJ: Here’s what we know about the South Korean plane crash so far, including a “bird strike warning” six minutes before the disaster.

Reuters: US pending home sales reached a 21-month high in November, rising for the fourth straight month as buyers took advantage of improved inventory.

CNN: After filing for bankruptcy, Big Lots reached a deal with an investment firm to keep hundreds of stores open and preserve jobs.

TOMORROW’S TRADE IDEA, TODAY

Goldman Likes AI Infrastructure in 2025

Dependable Demand

Is AI a bubble? Goldman Sachs (GS) doesn’t seem to think so.

In a recent note to investors, the investment bank reiterated its confidence in the AI infrastructure space in 2025, seeing continued demand as a catalyst for growth. 

According to analyst Michael Ng, demand for AI data center equipment will benefit both companies that sell to hyperscalers, and tier-2 cloud/enterprise firms like Dell (DELL).

Dell

Dell has seen its stock balloon 50% YTD, and Goldman thinks that trend will continue in the new year. The bank has set a 12-month price target of $165, representing around 44% upside from current prices. 

Goldman pointed to Dell’s early market share as a major reason why it could benefit from sustained AI infrastructure demand.

Ingram Micro & TD Synnex

When it comes to information technology distribution, Goldman likes Ingram Micro (INGM) and TD Synnex (SNX).

According to the bank, these companies are among the primary distributors of PCs and campus networking equipment. 

Goldman has given TD Synnex a $141 price target, or roughly 21% upside from today’s close. And the bank sees an even higher ceiling for Ingram Micro, predicting it could rise as much as 69% to $33 per share.

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ON OUR RADAR

WSJ: Former President Carter played a key role in sparking America's craft beer industry by legalizing home brewing in 1978.

Reuters: Jeju Air shares reached a record low, dropping 8.5% following the deadly crash and wiping out more than $65M in market cap.

CNBC: US courts paused a Treasury rule requiring small businesses to report beneficial ownership information, preventing penalties until at least March.

AP: In 2024, value shoppers were kingmakers in the retail industry.