Nvidia

Chip maker Nvidia adds $277bn to its market cap in one session, smashing the previous added value record high and prompting stock market highs across three continents. Asia-focused bank Standard Chartered posts an 18 per cent surge in FY pre-tax profit. It is due to offer a $1bn share buy-back and a large increase to its dividend. Reddit may list in New York in the next few weeks, becoming Wall Street’s first social media IPO since Pinterest in 2019. And the U.S. government is preparing 500 new sanctions against Moscow following the death of opposition activist Alexei Navalny in prison last week. President Joe Biden has met with his family on the eve of the second anniversary of Russia’s invasion of Ukraine.  

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Nvidia shares pop in after-hours trade after the chip giant posted a 265 per cent surge in Q4 revenue. CEO Jensen Huang tells CNBC that conditions are ideal to grow the company. As a result the chip sector rallies, pushing Japan’s Nikkei to levels not seen since 1989. The Fed urges caution in cutting rates too early. BofA CEO Brian Moynihan says the central bank should not repeat mistakes of the past. And in autos news, Mercedes-Benz is to launch a share buy-back worth $3bn ahead of results later this morning. 

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HSBC shares dip in Hong Kong despite the lender posting a record FY profit. The result was marred by a write-down on its share of Chinese bank BOCOM. HSBC CEO Noel Quinn tells CNBC he is still upbeat on the country’s economy. Chinese indices claw back earlier losses after the market regulator said it would increase supervision while the Shanghai and Shenzhen bourses crack down on a key quant fund. Wall Street suffers a second day of losses after chip giant Nvidia records its worst session since October. The company’s earnings are due later today. And in retail news, French supermarket giant Carrefour announces a 55% dividend hike after seeing record cash flow of €1.6 bn.   

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Renault enjoys a FY operating margin on revenue of more than €50bn and is set to hike its dividend. French aviation giant Airbus sees full-year results surging on the back of a record orderbook and is also due to propose a special dividend payout. On Wall Street, the S&P 500 is back up at the 5,000-point mark as chip maker Nvidia briefly overtook Alphabet on market cap value. Meanwhile Berkshire Hathaway pares back its Apple stock and ramps up investment in Chevron. The company has sought confidentiality from regulators to keep its stock purchases secret in its latest 13-F filings. 

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SuperComputing 23 took place last week in Denver, Colorado, and once again it was a very good edition with the best ever number of attendees with 14,000+. The topic was about Acceleration in various domains such a HPC, AI, Storage, Memory or Network. I insisted on key trends, some technologies and products I saw very present on the floor. Enjoy the listening.

Nvidia sees shares fall in extended trade with the company warning that export restrictions will seriously hamper China sales this quarter, even as overall revenue triples in Q3. Minutes from the Fed’s November FOMC meeting show officials have little appetite for rate cuts so far, but raise hopes that rate increases are now over. In crypto news. Binance boss CZ steps down and pleads guilty to money laundering charges. The world’s largest cryptocurrency exchange has been ordered to settle $4.3 bn with U.S. authorities. Israel and Hamas agree to a four-day humanitarian pause in order to release hostages and prisoners from both sides. The U.K. eyes a raft of tax cuts ahead of today’s Autumn Statement. We are live in Westminster ahead of this afternoon’s announcement. 

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The S&P 500 and Nasdaq indices are in the green for the fifth consecutive day, with Microsoft attaining a new all-time share high after Sam Altman joins the company. Following Altman’s ousting, more than 90 people at OpenAI signs a letter demanding his reinstatement. Microsoft CEO Satya Nadella tells CNBC the style of governance at OpenAI is unsustainable. U.S. Treasury Secretary tells this channel the Biden administration has made “considerable” progress in tackling inflation but that further steps remain. And Nvidia is set to report later today with analysts forecasting revenue growth of up to 170 per cent.  

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