Market Recap – January 7th
GameStop Corp. is an American video game, consumer electronics, and gaming merchandise retailer. The company is headquartered in Grapevine, Texas, and is the largest video game retailer worldwide.
GameStop has been in the headlines quite often over the last 12 months, and this time it’s for NFTs. GameStop has decided to head into the crypto space by creating its own NFT (non-fungible token). Their goal appears to be to create a platform where customers can trade virtual videogame goods in the form of NFTs. For example, outfits and weapons could all be valuable for players’ avatars.
GameStop’s entry into the space signals a needed shift in their current brick and mortar stores model, which have been rapidly losing their value in the digital era. Capitalizing on their popularity as a “meme stock” from last summer’s Reddit-fueled frenzy appears a strategic move on GameStop’s part.
Amazon.com, Inc. is an American multinational technology company that focuses on e-commerce, cloud computing, digital streaming, and artificial intelligence. It is one of the Big Five companies in the U.S. information technology industry, including Alphabet, Apple, Meta, and Microsoft.
Amazon has announced a new partnership with Stellantis, a sustainable mobility tech company. The partnership would focus on automobile software and use Amazon’s resources like Amazon Devices, Amazon Web Services, and Amazon Last Mile to create a suite of software-based products to develop a SmartCockpit for millions of planned Stellantis vehicles.
The partnerships highlight a growing trend between automotive and technology companies to improve cars and compete in the competitive and innovative industry.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.