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On August 27th, Nvidia CEO Jensen Huang commented in the companys quarterly report that artificial intelligence has reached an inflection point. AI is doing truly useful work, and the tokens it generates are creating productivity and profits. Now, computing power is revenue, and demand is accelerating. At this time last year, infrastructure construction was mainly driven by a single AI lab; today, we are witnessing a golden age of new AI labs and startups, with multiple cutting-edge AI labs expanding simultaneously, an open model ecosystem flourishing, and physical AI beginning to be applied. Strong momentum is maintained in the US and globally. AI infrastructure construction is proceeding at full speed. Vera Rubin, now fully operational, was built for this moment.On August 27th, Salesforce (CRM.N) shares surged 12% in after-hours trading on Wednesday after the cloud software company reported better-than-expected results and guidance. The company reported second-quarter revenue of $11.35 billion, slightly exceeding market expectations. Net income reached $3.53 billion, an 87% increase year-over-year. The company stated that it realized a $2.6 billion strategic gain through its investment in artificial intelligence startup Anthropic. For the third fiscal quarter, Salesforce expects adjusted earnings per share to be between $3.42 and $3.44, with revenue between $11.42 billion and $11.5 billion. Analysts had previously expected adjusted earnings per share of $3.38 and revenue of $11.41 billion for the third quarter. Currently, Salesforce projects full-year earnings per share of $16.67 to $16.71 and revenue of $46.1 billion to $46.4 billion, implying an 11% increase at the midpoint of the range.Nvidia (NVDA.O): As of July 26, total future commitments, calculated on a fiscal year basis, increased to $279 billion, primarily related to memory chip procurement.Nvidia (NVDA.O) reported a 13% sequential increase in revenue from its hyperscale cloud services business in the second fiscal quarter, and more than double the revenue from the same period last year.Nvidia (NVDA.O) will pay a quarterly cash dividend of $0.25 per share.

The EUR/GBP exchange rate recovers above 0.8000 in advance of Eurozone inflation and UK gross domestic product

Alina Haynes

Mar 30, 2023 16:05

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The EUR/GBP pair extended its recovery above 0.88 during the Asian trading session. Anticipating that the European Central Bank (ECB) will continue to raise interest rates to combat persistent inflation, the cross has depreciated progressively. Friday will see the publication of preliminary Eurozone Harmonized Index of Consumer Prices (HICP) and Gross Domestic Product (GDP) (Q4) figures. Prior to the publication of these figures, it is anticipated that the asset will exhibit explosive activity.

 

It is anticipated that the preliminary Eurozone HICP will decelerate significantly from 8.5% to 7.3%. While it is anticipated that the core HICP will rise to 5.7% from 5.6% in the previous release. Weak energy prices are anticipated to have a significant impact on Eurozone inflation. In light of Christine Lagarde's prediction that inflation will remain elevated for an extended period of time, the European Central Bank (ECB) is expected to continue tightening monetary policy.

 

In the interim, banking tensions are subsiding as the absence of information regarding additional collateral damage has a positive impact on the market. Chief Economist Philip Lane stated on Wednesday that ECB interest rates must rise if banking tension has no or a "relatively limited" impact.

 

Investors avidly anticipate the United Kingdom's Gross Domestic Product (GDP) data. According to the consensus, the United Kingdom's growth in the fourth quarter of CY2022 remained unchanged. It is anticipated that the annual GDP will remain unchanged at 0.4%. It is expected that the British economy will undergo a severe recession as a result of high inflation and sluggish growth.

 

The Bank of England (BoE) policymakers appear confident that inflation will moderate in the near future and that the unexpected rise in February's inflation was a one-time anomaly; however, the absence of evidence raises doubts. If inflation persists, BoE Governor Andrew Bailey stated that additional rate increases would be announced. In contrast, Bank of America (BoA) analysts anticipate that the Bank of England (BoE) will not increase rates and will maintain current levels until 2024.


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