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Trio Petroleum (NYSE: TPET) is an oil and gas exploration and development company focused on strategic, high-growth energy projects in California.
Recently, Trio provided an update on its HV-1 discovery well that was recently drilled on a new oil and natural gas field, President’s Field, located in the company’s South Salinas Project in Monterey County, California.
Since Trio’s May 16 update:
The HV-1 well was successfully completed by cementing a seven-inch casing from a depth of 6,626 feet to the ground surface.
️ An independent, third-party determined that there is an abundance of open natural fractures (more than 900), as well as five faults and twenty-four possible faults and/or micro-faults in the target reservoir zones of the Monterey Formation–Faults and natural fractures are important ingredients of successful Monterey Formation oil/gas wells.
An additional independent, third-party geophysicist confirmed that the HV-1 well validated the occurrence of a major, subsurface, anticlinal geologic structure that makes up President’s Field, almost exactly as previously mapped.
Moving forward, Trio intends to production test the HV-1 well from approximately 4,500 to 6,600 feet, which will be completed in likely four or more successive stages across different depth intervals.
Trio Petroleum owns an 85.75% working interest in the approximately 9,267-acre South Salinas Project, projected to produce roughly $2 billion in net cash flows, discounted at 10%.
To learn more about Trio Petroleum (NYSE: TPET) and the HV-1 discovery well update, click the button below.
QUICK MARKET RECAP
 Fear & Greed Index | CNN |
Markets returned to the green this week after a minor hiccup last week.
Overall, it seems that investors have moved on from last year’s debacle as the market has essentially erased all losses in 2023.
But we may not be out of the clear yet.
During the ECB Forum, Fed Chair Jerome Powell said that he expects multiple interest rate hikes ahead, and possibly, at an even more aggressive pace.
Powell blames a very strong labor market as the root cause of enduring inflation.
To mitigate it, the Fed is holding its stance on rate increases, stating that “there’s more restriction coming”.
While the market took a modest dip on Wednesday following the news, investors quickly overcame the drop and returned back to green territory.
However, as Powell has mentioned on multiple occasions, “there is a significant possibility that there will be a downturn.”
The only questions are when and for how long?
Here is How Major Indexes Performed this Week:
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TOP NEWS
 Apple Market Cap | Companies Market Cap |
Apple Market Cap Hits $3 Trillion
Apple is in a class of its own.
The retail tech giant’s market cap topped $3 trillion this week, as its shares have climbed about 3.35% to a new high and passed the $190.73 price required to hit the milestone.
It was the first company to hit a $3 trillion market cap during intraday trading in January 2022, but it failed to close at that level.
It shows investors remain bullish on the stock and Apple’s portfolio of products and services, despite the company’s warning in May that its current quarter revenue is expected to fall about 3%.
Investors see the company as one of the bright spots during a year of turbulence in the sector, with tech giants committing to “do more with less” amid a “year of efficiency” and laying off thousands of employees.
“The Apple bears and skeptics continue to scratch their heads as many have called for Apple’s ‘broken growth story’ this year in a tougher backdrop to which we firmly believe the exact opposite has happened with Cupertino heading into a massive renaissance of growth over the next 12 to 18 months.” – Dan Ives, senior equity research analyst at Wedbush Securities
Ever wondered how to spot 100 baggers like Apple before they explode?
Read this article now.
 Apptio Customers | Apptio |
IBM to Acquire Software Company Apptio
IBM, the legacy computer company, is not messing around after inking a major software deal.
IBM is acquiring the software company Apptio from Vista Equity Partners for $4.6 billion.
Apptio offers financial and operational IT management and optimization software and serves more than 1,500 clients, including major tech companies such as Amazon, Microsoft, and Google.
Apptio will be acquired with cash, and IBM said the deal is expected to close in the latter half of this year.
IBM said in a release that Apptio will help it advance its application management, optimization, and observability offerings.
“Technology is changing business at a rate and pace we’ve never seen before […] To capitalize on these changes, it is essential to optimize investments which drive better business value, and Apptio does just that.” – IBM CEO Arvind Krishna
 Revenue of US Chipmakers in China | Bloomberg |
Nvidia Slides on New Chip Export Restrictions
Nvidia is caught between a rock and a hard place with the US-China tech war ramping up.
Shares of Nvidia laid flat this week after the US federal government began considering new restrictions on exports of sophisticated chips used in artificial intelligence computing to China.
The export restrictions under consideration would be imposed by the Commerce Department and would come after the U.S. government already limited the computing power of chips made for Chinese use.
The Biden administration has already tightened controls, forcing Nvidia to create a weaker version of its flagship A100 for China, but even that weakened chip wouldn’t be allowed under the rules under consideration.
The restrictions would also apply to companies that offer cloud-based computing solutions which have been used by some companies to skirt export controls.
Competition between the U.S. and China over hardware and software technology has amplified in recent years, and with these new restrictions, tightened chip export controls would likely further inflame trade tensions between the two countries.
Cloud computing is the foundation of our digital future.
Learn how to invest in cloud computing here.
DID YOU KNOW?!
 Structural Bear and Bull Markets | IG: @market.radar |
The Stock Market Stays Flat 53% of the Time
The stock market is one of the greatest wealth creators of all time.
Over the long run, it is almost inevitable that equities grow given that companies become stronger and smarter, while technological innovations improve productivity exponentially.
However, that does not mean that we will never face hardship.
Over the past 120 years, 63 of those years have been in a “structural bear market”, while only 57 years were in bull territory.
Therefore, one should expect to experience a bull market nearly 50% of the time.
To overcome this, simply invest in equities for the long run, and understand that there are greener days ahead.
Heck, in the last 120 years, we’ve endured two world wars, two financial collapses, natural catastrophes, and much more, yet we continue moving forward.
The key is to stay invested.
But what do you think, are we headed for a bear market or is the new bull market just beginning?