Nvidia reinforced its dizzying rise to industry and market superstardom with better-than-expected financials in the second quarter, and this bodes well for the broader artificial intelligence industry and stock market.
The artificial intelligence chip leader's stock has nearly doubled year-to-date. Its shares closed 0.46 per cent down at $949.50 on Wednesday, giving the company a market value of $2.34 trillion, placing it right behind Apple and Microsoft.
The California-based company achieved another milestone when its stock hit $1,000 for the first time, as it rose as much as 7 per cent in pre-market trading on Thursday.
This is like “party that is just getting started”, said Gene Munster, a noted tech analyst and managing partner at Deepwater Asset Management.
“The stock will continue to gain momentum in the days and weeks to come,” he said.
This is like party that is just getting started ... The stock will continue to gain momentum in the days and weeks to come
Gene Munster,
tech analyst and managing partner, Deepwater Asset Management
“If we continue to see the type of demand through the buildout of this AI industry … [Nvidia will continue to post] faster than expected growth for longer.”
Nvidia's rise has prompted several of the technology industry's biggest names to make moves to boost their investments in generative artificial intelligence, indicating that the frenzy for the much-hyped sector isn not slowing down any time soon.
Nvidia's latest chip, the Blackwell series, is all but confirmed to be released in the autumn of 2024. It is expected to continue the strength of its predecessor, the Hopper line, further underpinning the company's growth.
The company's reputation has been so high that it was even able to defy the Osborne effect, a phenomenon in which orders for older products are cancelled in favour of announced but yet-to-be-released successors, said Mr Munster, noting the continued strength of Hopper chips.
“We will see a lot of Blackwell revenue this year,” Nvidia chief executive Jensen Huang said in a conference call after Wednesday's results.
Customer service
Mr Huang founded Nvidia in 1993 and was focused on gaming, a relatively small industry at the time.
Today, it is leading the AI hardware revolution, and its customers include trillion-dollar behemoths – Amazon, Facebook owner Meta Platforms, Google parent Alphabet and the world's most valuable company, Microsoft.
These companies are also seeking to find their footing in a highly competitive AI market, and Nvidia's help is a much welcome addition to its arsenal, even though they are competitors.
“With estimates suggesting Nvidia holds over 90 per cent of the data centre GPU market, the company's end-to-end AI solutions – encompassing hardware, software, and developer tools – solidify its stronghold,” Vijay Valecha, chief investment officer at Century Financial, told The National.
“Companies buy not just chips, but entire Nvidia-optimised systems.”
To the rescue
Before Nvidia reported earnings, Wall Street settled lower on Wednesday, retreating from record levels this week.
Many investors "[sat] on their hands as the market anxiously anticipate[d] Nvidia’s earnings report”, said Mohamed Hashad, chief market strategist at Dubai-based Noor Capital, noting that the company's results will “have an impact on the mood of the market”. And so they did.
“This is perhaps why we see US futures back in the green this morning,” said Ipek Ozkardeskaya, a senior analyst at Swissquote Bank.
Early on Thursday, well after Nvidia – the last significant company to report earnings this season – had unveiled its results, futures in both the US and Europe were up, with the S&P 500 looking to a 5 per cent rise at the opening bell.
Tech stocks have been very influential on the market. For instance, Apple, after announcing its $110 billion share buyback programme earlier this month, helped Wall Street rally after an uneven trading week.
Nvidia's rise is so meteoric that its stock is now rated as a “strong buy”, according to 39 analysts polled by Nasdaq Analyst Research.
Investors are watchful of high-profile stocks, keeping an eye on their performance and forecast, which can be a factor on how the market would play out.
“The market is still bullish overall, but investors are nevertheless apprehensive as they consider several different aspects of the present economic environment,” Mr Hashad said.
European arms
Known EU weapons transfers to Ukraine since the war began: Germany 1,000 anti-tank weapons and 500 Stinger surface-to-air missiles. Luxembourg 100 NLAW anti-tank weapons, jeeps and 15 military tents as well as air transport capacity. Belgium 2,000 machine guns, 3,800 tons of fuel. Netherlands 200 Stinger missiles. Poland 100 mortars, 8 drones, Javelin anti-tank weapons, Grot assault rifles, munitions. Slovakia 12,000 pieces of artillery ammunition, 10 million litres of fuel, 2.4 million litres of aviation fuel and 2 Bozena de-mining systems. Estonia Javelin anti-tank weapons. Latvia Stinger surface to air missiles. Czech Republic machine guns, assault rifles, other light weapons and ammunition worth $8.57 million.
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
Gifts exchanged
- King Charles - replica of President Eisenhower Sword
- Queen Camilla - Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
- Donald Trump - hand-bound leather book with Declaration of Independence
- Melania Trump - personalised Anya Hindmarch handbag
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
SPECS
Nissan 370z Nismo
Engine: 3.7-litre V6
Transmission: seven-speed automatic
Power: 363hp
Torque: 560Nm
Price: Dh184,500
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Scores:
Day 4
England 290 & 346
Sri Lanka 336 & 226-7 (target 301)
Sri Lanka require another 75 runs with three wickets remaining
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
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More from Neighbourhood Watch
More from Rashmee Roshan Lall
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Timeline
1947
Ferrari’s road-car company is formed and its first badged car, the 125 S, rolls off the assembly line
1962
250 GTO is unveiled
1969
Fiat becomes a Ferrari shareholder, acquiring 50 per cent of the company
1972
The Fiorano circuit, Ferrari’s racetrack for development and testing, opens
1976
First automatic Ferrari, the 400 Automatic, is made
1987
F40 launched
1988
Enzo Ferrari dies; Fiat expands its stake in the company to 90 per cent
2002
The Enzo model is announced
2010
Ferrari World opens in Abu Dhabi
2011
First four-wheel drive Ferrari, the FF, is unveiled
2013
LaFerrari, the first Ferrari hybrid, arrives
2014
Fiat Chrysler announces the split of Ferrari from the parent company
2015
Ferrari launches on Wall Street
2017
812 Superfast unveiled; Ferrari celebrates its 70th anniversary
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Remaining Fixtures
Wednesday: West Indies v Scotland
Thursday: UAE v Zimbabwe
Friday: Afghanistan v Ireland
Sunday: Final
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APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
The National selections
Al Ain
5pm: Bolereau
5.30pm: Rich And Famous
6pm: Duc De Faust
6.30pm: Al Thoura
7pm: AF Arrab
7.30pm: Al Jazi
8pm: Futoon
Jebel Ali
1.45pm: AF Kal Noor
2.15pm: Galaxy Road
2.45pm: Dark Thunder
3.15pm: Inverleigh
3.45pm: Bawaasil
4.15pm: Initial
4.45pm: Tafaakhor
Sly%20Cooper%20and%20the%20Thievius%20Raccoonus
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The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
Past winners of the Abu Dhabi Grand Prix
2016 Lewis Hamilton (Mercedes-GP)
2015 Nico Rosberg (Mercedes-GP)
2014 Lewis Hamilton (Mercedes-GP)
2013 Sebastian Vettel (Red Bull Racing)
2012 Kimi Raikkonen (Lotus)
2011 Lewis Hamilton (McLaren)
2010 Sebastian Vettel (Red Bull Racing)
2009 Sebastian Vettel (Red Bull Racing)
