2024 Solar Eclipse: When The Sun Took A Break, So Did The Internet
Portfolio Pulse from Chris Katje
A report by Cloudflare Inc (NYSE:NET) highlighted a significant drop in internet traffic during the April 8, 2024, total solar eclipse, with traffic down 8% in bytes delivered and 12% in requests in the U.S. compared to the previous week. States in the path of totality saw even larger declines. The event also led to increased bookings for Airbnb Inc (NASDAQ:ABNB) and could historically suggest gains for the Dow Jones, tracked by SPDR Dow Jones Industrial Average ETF Trust (NYSE:DIA), following total solar eclipses.
April 09, 2024 | 3:48 pm
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POSITIVE IMPACT
Airbnb Inc saw a surge in bookings and searches for rentals near the path of totality during the 2024 solar eclipse.
The increase in bookings and searches for Airbnb Inc (NASDAQ:ABNB) rentals near the path of totality suggests a positive short-term impact on the company's revenue. This event-driven demand highlights Airbnb's potential to capitalize on unique events.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Historical data suggests that the Dow Jones, tracked by SPDR Dow Jones Industrial Average ETF Trust, may see gains following the total solar eclipse.
Based on historical data shared by Benzinga, the Dow Jones Industrial Average, which is tracked by SPDR Dow Jones Industrial Average ETF Trust (NYSE:DIA), has seen gains following 10 of the last 13 total solar eclipses visible in the United States. This pattern suggests a potential positive short-term impact on DIA's performance.
CONFIDENCE 75
IMPORTANCE 65
RELEVANCE 70
NEUTRAL IMPACT
Cloudflare reported a significant drop in internet traffic during the 2024 solar eclipse, indicating a temporary decrease in online activity.
While the report from Cloudflare Inc (NYSE:NET) showcases a temporary decrease in internet traffic, it's unlikely to have a long-term negative impact on the company's stock. The event was short-lived and the decrease in traffic was expected due to the nature of the event.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 90