Markets Optimistic as Nvidia Week Kicks Off
Nvidia is set to report its quarterly earnings on Wednesday, with significant anticipation surrounding the AI chipmaker's performance. Analysts predict that the company's revenue will more than triple to $24.8 billion from $7.2 billion a year earlier, with earnings per share expected to rise to $5.57 from $1.09. Nvidia's stock has surged significantly, nearly doubling this year and potentially tripling in 2023. However, concerns remain about the rising prices of high-bandwidth memory chips and potential export restrictions by Washington on Nvidia’s AI chips to China.
The start of the week saw a positive trend in global markets, bolstered by hopes for U.S. disinflation and efforts by China to stabilize its housing sector. Wall Street's main stock indexes recorded their fourth consecutive week of gains, with the Dow Jones Industrial Average closing above 40,000 for the first time. Meanwhile, Advanced Micro Devices saw gains following Microsoft's announcement to offer its cloud computing customers a platform of AMD AI chips. In other news, Iranian President Ebrahim Raisi died in a helicopter crash, and Japan's benchmark government bond yields rose to the highest level in over a decade.
