Intel launches AI chip

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Market Overview
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Year To Date Performances:

1. Intel has announced the upcoming launch of Gaudi3, an artificial intelligence chip designed for generative AI software, set to compete with Nvidia and AMD's offerings in the AI chip market. This new chip, expected to launch in 2024, aims to challenge Nvidia's H100 and AMD's upcoming MI300X, which are currently preferred for powering large AI applications. Intel's move into the AI hardware market, which began with its acquisition of Habana Labs in 2019, reflects the company's strategy to gain a foothold in the rapidly growing AI sector. Intel CEO Pat Gelsinger highlighted the potential of generative AI and introduced other AI-focused chips, including the Core Ultra processors, emphasizing the company's commitment to innovating in AI technology.

2. Adobe experienced a 6% drop in its stock following a 2024 forecast that fell short of expectations. However, the company reported a 12% revenue increase in its fiscal fourth quarter, with a significant 26% rise in net income to $1.48 billion, or $3.23 per share. Adobe's president of the experience business, Anil Chakravarthy, highlighted the company's careful approach to spending. CEO Shantanu Narayen discussed the potential future revenue from Adobe's Creative Cloud subscriptions, noting recent price increases for some services. The company's earnings per share were $4.27, adjusted, exceeding the expected $4.14, and revenue reached $5.05 billion, slightly surpassing the expected $5.03 billion.

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4. Headlines

   1. The Bank of England and the European Central Bank both hold rates constant at their latest meetings.

   2. Newer generations are replacing Bonds with Cash in their portfolio.

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