Robinhood (HOOD) buyers is likely to be bullish available on the market. Check out the brokerage’s inventory efficiency over the past yr and also you would possibly see some the explanation why. Seeking to construct upon that momentum, the corporate introduced a sequence of recent social and AI-focused options on the firm’s annual HOOD Summit.
Chief among the many bulletins had been new instruments for superior merchants, together with the flexibility to brief promote — or wager in opposition to — property. The technique was not beforehand obtainable to merchants on the app. As well as, the corporate additionally introduced in a single day index choices, the flexibility to open extra particular person brokerage accounts, and new options in its professional dealer product, Legend.
Nonetheless, a lot of its most attention-grabbing instruments had been arguably made for everyone. Robinhood introduced its first foray into AI with the rollout of Customized Scans, which permits customers to ask a big language mannequin to create indicators or assist display shares based mostly on standards; no coding expertise required.
CEO Vlad Tenev promised extra options from its still-nascent Cortex AI enterprise, promising to combine it into each facet of the Robinhood expertise. A few of these new Cortex options are anticipated to be proven off on the firm’s December keynote.
The corporate additionally provided a glimpse of its forthcoming social media product as effectively, a callback to its early roots as a first-mover within the social buying and selling sphere. Due out early subsequent yr, Robinhood Social will permit verified customers to share commerce concepts, talk about methods and duplicate ones they like, and observe observe profitable merchants and ‘whales’ similar to politicians, hedge funds, and firm insiders.
A return to social options will probably be a shot throughout the bow of long-time buying and selling group Stocktwits, brokerage app Public, and venture-backed newcomers like AfterHour. Lately, many corporations have taken a stab on the social buying and selling phenomenon, hoping to seize the pandemic-era ‘mainstreamization’ of inventory buying and selling. The corporate says it can additionally help all asset varieties, together with equities, crypto, and prediction markets.
Additional cementing its dominance over the brand new wave of retail merchants, Robinhood’s inventory has been a scorching commodity on Wall Road and Major Road, rising over 502% over the past yr and scoring addition to the S&P 500. Its efficiency has surpassed these of different fast-growing index additions like Palantir Applied sciences (PLTR) .
