Nvidia smashes expectations

Market Overview
Read time 1.6 minutes

Year To Date Performances:

1. Following a quarter where Nvidia's revenue reached $22.1 billion, exceeding expectations, the company anticipates $24 billion in revenue for the upcoming quarter, surpassing the predicted $21.9 billion by analysts. The growth is primarily fueled by its data center business, which saw a 409% increase from the previous year to $18.4 billion, while its gaming chips contributed $2.87 billion. Originally focused on gaming graphics since its inception in 1993, Nvidia has transitioned into a significant player in AI, with its H100 accelerators in high demand. Big tech companies such as Amazon, Meta, Microsoft, and Google, which account for nearly 40% of Nvidia's revenue, are intensifying their investments in AI hardware.

2. Federal Reserve officials are taking a cautious approach towards adjusting interest rates, indicating that they need more definitive signs of inflation moving consistently towards their 2% target before considering easing policies. Despite signs of economic stability, this careful stance underscores their commitment to a data-driven approach in decision-making. They aim to ensure that inflation pressures are genuinely subsiding, avoiding premature rate cuts that could jeopardize their inflation objectives.

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4. Headlines

   1. AI-related cryptocurrencies surged after Nvidia’s earnings report, gaining as much as 60% in a single day.

   2. Google pauses AI image generation due to historically inaccurate images.

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