📆 Thursday, May 25
â–º US tech stocks experienced a surge following a very strong sales forecast from Nvidia, which resulted in significant gains in AI-related companies – including in Europe
â–º Nvidia's shares saw a surge of over 24% after the chip giant released its earnings report, which not only exceeded expectations with earnings of $1.09 per share and revenue of $7.19B, but also projected a Q2 revenue of around $11B, significantly surpassing analyst expectations, driven by a rise in supply for data center business products amid growing interest in artificial intelligence. This brought the company close to a $1 trillion market value.
â–º Nasdaq 100 futures rose by 1.5%, and ASM International, benefiting from Nvidia led the gains in the Stoxx 600 Index, despite warnings from Fitch Ratings about the US's AAA rating being at risk due to ongoing US debt-limit negotiations.
â–º Germany's Q1 GDP contracted by 0.3%, marking a second consecutive quarter of decline and pushing Europe's largest economy into recession, driven by high price increases, increased borrowing costs, a significant 4.9% decrease in government spending, and a 0.7% contribution to GDP from net exports due to increased exports and decreased imports.
â–º Germany's GfK Consumer Climate Indicator rose for the eighth consecutive month to -24.2 heading into June 2023, marking its highest point since April of the previous year and primarily driven by a decrease in saving propensity, expected wage increases, and improved income expectations
Subscribe to see more