🚀 Nvidia hits new high

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Nvidia shares surged over 3%, briefly hitting a new intraday record of $140.89, surpassing the previous high of $140.76 set in June. The rise follows strong third-quarter earnings from Taiwan Semiconductor Manufacturing Company (TSMC), a key chip supplier for Nvidia and other tech giants, which saw a 54% profit increase (and a 10% stock price increase yesterday). Nvidia's stock has been fueled by heightened demand for its GPUs, driven by AI work from companies like Microsoft, Meta, and Google. Nvidia’s new Blackwell AI GPU is expected to generate significant revenue in Q4.

2. U.S. retail sales rose by 0.4% in September, exceeding the forecasted 0.3%, driven by increased consumer spending in various sectors despite falling gas prices. Sales excluding autos grew 0.5%, while electronics and appliances stores saw a 3.3% decline. Jobless claims dropped to 241,000, down 19,000 from the previous week, signaling continued labor market resilience. Despite storm-related damage, claims decreased in affected states like Florida and North Carolina. These reports highlight a strong consumer sector and a steady labor market amid economic uncertainties.

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4. Headlines

   1. Apple shares were up as part of a wider AI rally yesterday. There are also rumours that the company is pivoting away from the VR focus revealed with the Vision Pro to an AR focus similar to Meta’s recent transition.

   2. Google has named Nick Fox its new head of Google Search and Ads.

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Liam Gill

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