A look at the day ahead in U.S. and global markets from Mike Dolan
World markets, heady on hopes for renewed U.S. disinflation and another attempt by China at shoring up its ailing housing sector, entered the new week on the front foot as attention switched back to the artificial intelligence boom.
AI-bellwether Nvidia (NVDA.O), opens new tab reports quarterly earnings on Wednesday with the bar to impress the investor gallery as high as ever – its stock has almost doubled again this year so far after tripling in 2023.
And that’s with good reason – the chipmaking giant’s revenue is expected to have more than trebled to $24.8 billion from $7.2 billion a year earlier, with earnings per share soaring to $5.57 from $1.09, according to LSEG data.
As a curious taster on Friday, Advanced Micro Devices (AMD.O), opens new tab gained more than 1% as Microsoft (MSFT.O), opens new tab said it plans to offer its cloud computing customers a platform of AMD AI chips that will compete with components made by Nvidia.
Reddit (RDDT.N), opens new tab, meantime, rose 10% following a partnership with OpenAI to bring its content to ChatGPT.
But it’s not been all about AI this year as still-buoyant U.S. growth and near double-digit aggregate annual earnings gains meet persistent optimism of lower interest rates later in the year.
Source: REUTER
