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Traders are watching rising risks to oil supplies as tensions in the Middle East escalate. US oil spiked 5.5% to $73.98 a barrel and Brent prices rose more than 5% to trade at $77.86. If the conflict destroys Iran's oil infrastructure, oil prices could surge 161% to over $200 a barrel, according to SEB's chief commodities analyst Bjarne Schieldrop. AdvertisementInvestors are eagerly awaiting the September jobs report, due Friday, for further signs of labor market health. Markets are pricing in a 65% chance of a smaller 25 basis point cut in November, according to the CME FedWatch Tool.
Persons: Friday's nonfarm, Biden, , Joe Biden, retaliating, Biden's, Brent, Bjarne Schieldrop, Economists, Jensen Huang, Blackwell Organizations: Traders, Service, Dow Jones, Nasdaq, Treasury, Israel, Labor Department, Federal Reserve, Costco Locations: Israel, Iran
EVgo — Shares soared 55% after the electric vehicle charger company received a $1.05 billion conditional loan from the Department of Energy. Hims & Her Health had previously developed compound versions of the drugs to take advantage of the shortage. Joby Aviation – Shares dropped more than 7%, paring back gains made in the previous session. Palantir recently announced that it's partnering with Edgescale AI to deliver Live Edge, a platform that will utilize artificial intelligence for manufacturing, utilities and other areas. Investors see both Vistra and Constellation as becoming key supporters of data center growth for developing tech companies' artificial intelligence technologies.
Persons: Bill Peterson, Eli Lilly, paring, Joby, Levi Strauss, Levi, Jensen Huang, CNBC's, Blackwell, Henning Cosman, Palantir, Sundar Pichai, Yun Li, Lisa Kailai Han, Hakyung Kim Organizations: Department of Energy, JPMorgan, U.S . Food, Drug Administration, Toyota, Dockers, Wolfspeed, Mizuho, Nvidia, Barclays, Constellation Energy, Nikkei, Investors Locations: U.S, China
How the port strike could actually boost Costco sales
  + stars: | 2024-10-03 | by ( Paulina Likos | ) www.cnbc.com   time to read: +2 min
Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Club stock Nvidia jumped more than 3% — bucking the pressure on Big Tech. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Persons: Jim Cramer, Jensen Huang, Eli Lilly, Lilly, Oppenheimer, Jim Cramer's, Jim Organizations: CNBC, Wall, Nvidia, Big Tech, Blackwell, Broadcom, Devices, Food and Drug Administration, Costco, AMD Locations: New Jersey
OpenAI is now worth $157 billion, but it can't rest easy yet. Now comes the hard part: emerging victorious in a fiercely competitive AI industry. Though Sam Altman's company cemented its status as a frontrunner in the generative AI boom this week, securing a new $157 billion valuation after raising $6.6 billion of fresh capital from marquee investors, its leading position is hardly guaranteed. Sure, Altman's company now casts a massive shadow over the industry with its fresh $157 billion valuation. AI companies have been spending huge sums to purchase chips from Jensen Huang's Nvidia.
Persons: OpenAI, , Sam Altman's, Sam Altman, Andrew Caballero, Reynolds, Altman, Elon Musk's, Ilya Sutskever, Nathan Benaich, Dario Amodei, Jensen, Jeff Chiu, Benaich, it's, VCs Organizations: Service, Valley's, Financial, Nvidia, SoftBank, Microsoft, Elon, Air Street Capital, The New York Times, Google, Big Tech, Meta Locations: Silicon Valley, AFP
OpenAI just secured $6.6 billion in its latest funding round. The company asked investors not to back its rivals like Elon Musk's xAI, per Reuters. Musk, who is in an ongoing feud with OpenAI, called the company "evil." That funding round, which included big-name investors like Thrive Capital, Microsoft, and Nvidia, had a stipulation that Musk isn't so happy with: Don't support OpenAI's rivals. Some of OpenAI's investors have already backed other AI startups.
Persons: OpenAI, Elon Musk's, Musk, , Elon Musk, Sam Altman, Anthropic, Ilya Sutskever's, Musk's, Altman Organizations: Elon, Elon Musk's xAI, Reuters, Service, Microsoft, Nvidia, Financial Times, OpenAI, Street Locations: OpenAI
Rowan said the firm is testing new tactics to motivate employees to "play to win." Here's how and why the firm has turned to frozen yogurt and 4:30 a.m. wakeups. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Advertisement"We believe that assets are what is going to be scarce rather than capital," Rowan said, referring to an environment of more limited investment opportunities.
Persons: Rowan, , Marc Rowan, We've, Lehman, I've, They're, it's Organizations: Service, New, Apollo, Nvidia, that's
KAOHSIUNG, Taiwan — Taiwan shut down on Wednesday, grounding hundreds of flights and closing schools, offices and financial markets ahead of the arrival of a weakening Typhoon Krathon, with one person reported dead and torrential rain lashing the island’s south. Although the typhoon has weakened, the threats from a storm surge, strong winds and rain remain as it slowly makes its way toward Taiwan’s coast, weather forecasters said. The typhoon would lose power once it hit land, said Kaohsiung Mayor Chen Chi-mai, but would still bring intense winds and rain. Once it hits land, the typhoon could be downgraded into a tropical depression and dissipate, which has happened only once before in Taiwan, in 2001, forecasters said. In Taipei, some malls and shops remained open, with rain only expected later in the day.
Persons: Thelma, Chen Chi, , Tommy Wang, Gaemi, Yu Ren, Chou Yi, Power, Chou Organizations: Getty, Central Weather Administration, Apple, Nvidia Locations: KAOHSIUNG, Taiwan, Kaohsiung, Taiwan’s, Hualien, Taipei, Taoyuan, AFP, Tainan, Siaogang
The Energy Select Sector SPDR ETF (XLE) was the worst performing sector ETF in September. The XLE ETF (and many of its holdings) has been trying to etch out a bottom for a number of weeks, and the charts we're reviewing today suggest that momentum finally could be turning positive. XLE has been making lower lows and lower highs since peaking in March. Both prior times, eventually logging a higher low gave XLE the firepower it needed to finally punch through a key downtrend line. Recently, the higher lows have been marginal, but considering that we haven't seen a material lower low in nearly five years, it's noteworthy.
Persons: it's, XLE, It's, XLE's downtrend, We've, Said, we're, Frank Cappelleri Organizations: CNBC, NBC UNIVERSAL
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Nvidia CEO Jensen Huang and Accenture CEO Julie SweetJensen Huang, Nvidia CEO and Julie Sweet, Accenture CEO, join 'Closing Bell Overtime' to talk the two companies' expanded AI partnership.
Persons: Jensen Huang, Julie Sweet Jensen Huang, Julie Sweet Organizations: Nvidia, Accenture
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNvidia CEO Jensen Huang: We're looking at the beginning of the next wave of AIJensen Huang, Nvidia CEO, and Julie Sweet, Accenture CEO, join 'Closing Bell Overtime' to talk the two companies' expanded AI partnership.
Persons: Jensen Huang, Julie Sweet Organizations: Nvidia, Accenture
Nvidia partners with Accenture to encourage adoption of AI
  + stars: | 2024-10-02 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNvidia partners with Accenture to encourage adoption of AICNBC's Deidre Bosa joins 'Money Movers' with details on how Accenture is training consultants on Nvidia technology use.
Persons: Bosa Organizations: Accenture, Nvidia
Nvidia partners with Accenture to accelerate AI adoption
  + stars: | 2024-10-02 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNvidia partners with Accenture to accelerate AI adoptionCNBC's Deirdre Bosa joins 'The Exchange' to report on the partnership between Nvidia and Accenture.
Persons: Deirdre Bosa Organizations: Accenture, Nvidia
Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Gordon Haskett took the Club stock to buy and raised its price target to $450 per share, implying 10% upside. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Persons: Jim Cramer, Stocks, Oil, Jim, Gordon Haskett, Gordon, Lamb Weston, Jim Cramer's Organizations: CNBC, Energy, Nvidia, Accenture, Microsoft, Club, Nike, Humana Locations: Israel
MIT economist warns AI infrastructure investments may not meet investor profit expectations. Only 5% of jobs are likely to be significantly impacted by AI in the next decade, according to the economist. That's according to MIT Economist Daron Acemoglu, who told Bloomberg in an interview that the hype surrounding AI may not meet its lofty expectations. The most optimistic scenario, according to Acemoglue, is that AI hype cools and some applications of the technology take hold. In such a scenario, investors and tech executives would become disenchanted with AI, leading to a "AI spring followed by AI winter."
Persons: MIT's Daron Acemoglu, , Daron Acemoglu, Acemoglu, Acemoglue Organizations: Bloomberg, Service, MIT, Microsoft, Technology
Apple Intelligence : Club stock Apple turned positive Wednesday, despite more analysts trimming their 2024 iPhone 16 estimates. Interestingly, Apple Intelligence is the sixth top reason someone would buy a new iPhone, according to a recent survey by JPMorgan analysts. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Persons: Jim Cramer, payrolls, Jensen Huang, Levi Strauss, Michelle Gass, Jim Cramer's, Jim Organizations: CNBC, ., U.S, Israel . Semiconductor, Broadcom, Nvidia, Accenture, Financial Times, Amazon, Apple Intelligence, Apple, JPMorgan, Club, Constellation Brands, Modelo, Jim Cramer's Charitable Locations: Iran, Israel, Corona, Pacifico
OpenAI announced it raised $6.6 billion in new funding at a $157 billion post-money valuation. Tiger Global Management is part of this round, according to two sources familiar with the matter. AdvertisementTiger Global Management is doubling down on OpenAI, investing in the ChatGPT maker's massive new funding round, according to a source familiar with the matter. OpenAI announced Wednesday it raised $6.6 billion in new funding at a $157 billion post-money valuation. AdvertisementThe closure of OpenAI's new funding round comes just a week after three of its top leaders suddenly resigned.
Persons: OpenAI, Tiger, , couldn't, Chase Coleman, Mira Murati, Bob McGrew, Barret Zoph Organizations: Tiger Global Management, Service, Global Management, Bloomberg, ARK Venture Fund, Microsoft, Nvidia, Fidelity, Tiger Global, Research, Post
Chip insiders have stepped up their sales of company stock this year as AI-driven demand for processing power has propelled the sector's outperformance. Huang remains Nvidia's largest individual shareholder with around 3.5% of company shares outstanding, according to data from FactSet. In all, NVDA insiders disclosed around $960 million in stock sales during the third quarter, according to data collected by VerityData. Overall, 177 chip company insiders sold stock in the third quarter, down from a recent high of 245 in Q2 of 2024, according to the Washington Service. They sold a collective 12.7 million shares in Q3, a slight increase from Q2 but just below the 13.6 million shares sold in Q1.
Persons: Jensen Huang, Huang, Tench Coxe, Coxe, Hock Tan, Tan, Verity, Richard Wallace, Bren Higgins Organizations: Washington Service, Nvidia, VanEck Semiconductor, VerityData, Broadcom, YTD, KLA Corp, Texas Instruments, SEC Locations: FactSet
CNBC Daily Open: Soft landing hit by minor turbulence
  + stars: | 2024-10-02 | by ( Yeo Boon Ping | ) www.cnbc.com   time to read: +2 min
Mark Felix | Afp | Getty ImagesThis report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Port workers along the U.S. East Coast and Gulf Coast started striking Tuesday. It's just the first days of the port strike and flare-up in Middle East tensions, however. The best-case scenario would be that recent events are just minor turbulence on the way to a soft landing.
Persons: Mark Felix, Kathy Hochul, Adam Kamins, Christopher Ball, Piper Sandler, Campbell, It's, Steve Liesman, Jeff Cox, Fred Imbert, Lori Ann LaRocco, Sean Conlon, Alex Harring, Brian Evans Organizations: Afp, Getty, CNBC, U.S ., Gulf Coast, New, Moody's, Quinnipiac University, Nasdaq, Nvidia, Apple Locations: Seabrook , Texas, Port, U.S, U.S . East Coast, New York, New Jersey, Iran, Major U.S, East
JPMorgan upgrades Parr Pacific to overweight from neutral JPMorgan said the gas exploration and production company has overcorrected. JPMorgan downgrades MercadoLibre to neutral from overweight JPMorgan downgraded the online Latin American marketplace mainly due to valuation. Wells Fargo reiterates Meta as overweight Wells Fargo raised its price target on Meta to $652 per share from $647. JPMorgan upgrades SAIC to overweight from neutral The firm says it sees "profitable growth" for the IT company. Berenberg upgrades Rio Tinto to buy from hold Berenberg says the metals and mining company is a "medium-term diversified winner."
Persons: Roth, DA Davidson, Davidson, PARR, Wolfe, Raymond James downgrades, Raymond James, Guggenheim, Mizuho, it's bullish, tailwinds, Wells, Wells Fargo, Canaccord, Tesla, Berenberg, Baird downgrades Harley, Baird, Harley, Gordon, FANG, Bernstein Organizations: Iren Energy, Industries, JPMorgan, Parr, Northland, TAM, Raymond James downgrades GE, GE, Deutsche Bank, Nike, Absci Corporation, Mizuho, Kodiak, Kodiak Gas Services, Meta, SAIC, IT, Tesla, Mobile, T Bank, Buffalo, Rio Tinto, BHP, Home Depot, Barclays, Diamondback Energy, Nvidia, Apple Locations: OW, Asia, Vegas, Northland, Salesforce, Rio, American
CNBC Daily Open: Minor turbulence for the soft landing
  + stars: | 2024-10-02 | by ( Yeo Boon Ping | ) www.cnbc.com   time to read: +2 min
Kirk Side | Houston Chronicle | Getty ImagesThis report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Port workers along the U.S. East Coast and Gulf Coast started striking Tuesday. Higher oil prices pose a risk to inflation resurging, or at least slowing less than everyone is hoping for. The best-case scenario would be that recent events are just minor turbulence on the way to a soft landing.
Persons: Seabrook . Kirk, Kathy Hochul, Adam Kamins, Christopher Ball, Piper Sandler, Campbell, It's, Steve Liesman, Jeff Cox, Fred Imbert, Lori Ann LaRocco, Sean Conlon, Alex Harring, Brian Evans Organizations: Houston Chronicle, CNBC, U.S ., Gulf Coast, New, Moody's, Quinnipiac University, Nasdaq, Nvidia, Apple Locations: Seabrook ., Port, U.S, U.S . East Coast, New York, New Jersey, Iran, Major U.S, East
"All of it is very important, but the things we take for granted around us in the physical world are actually far more important." Spatial AI allows models to understand and interact with the physical world in ways previously limited to human cognition, and Nvidia is not the only one building on it. It's a spatial intelligence company building "large world models" to understand, interact with, and build on the three-dimensional world around us. AI for robotics, not just humanoid robotsIn contemplating the ultimate use of artificial intelligence, Nvidia concluded that robotics is the answer. Physical world will be changed by AI within yearsMany companies that focus on robotics and spatial intelligence are homing in on the world of manufacturing.
Persons: ChatGPT, Lebaredian, Fei, Fei Li, Andreessen Horowitz, Jensen Huang, Agustin Huerta, Globant's Huerta, Huerta Organizations: Nvidia, Stanford, Labs, Apple, North America, Franklin, Marshall College, International Locations: New Orleans, San Francisco, North, Globant, London
OpenAI CEO Sam Altman speaks during the Microsoft Build conference at Microsoft headquarters in Redmond, Washington, on May 21, 2024. OpenAI has closed its long-awaited funding round at a valuation of $157 billion, including the $6.6 billion the company raised from an extensive roster of investment firms and big tech companies. Thrive planned to invest $1 billion in the round, CNBC previously reported. Earlier this year, OpenAI was valued at a reported $80 billion, up from $29 billion in 2023. There are also 11 million ChatGPT Plus subscribers and 1 million paying business users on ChatGPT, a person close to the company said.
Persons: Sam Altman, OpenAI, SoftBank, Sarah Friar, Friar, Mira Murati, Bob McGrew, Barret Zoph, Altman, Bret Taylor, Sam, Taylor Organizations: Microsoft, Nvidia, CNBC, New York Times, OpenAI, Italian Tech, Khosla Ventures, Fidelity, MGX, Tiger Global Locations: Redmond , Washington
Cathie Wood's Ark Venture Fund invested at least $250 million in this new round. OpenAI is now Ark Venture Fund's third-largest holding, accounting for about 5% of its total assets. AdvertisementCathie Wood's Ark Venture Fund has agreed to invest at least $250 million in OpenAI's latest funding round, three people familiar with the round said. OpenAI is now Ark Venture Fund's third-largest holding, accounting for about 5% of the fund's total assets, according to its website. On Wednesday, a retail investor shared a screenshot of what appears to be an email she received from Ark Venture Fund informing her of its new OpenAI investment.
Persons: OpenAI, , Ark, Musk Organizations: Ark Venture Fund, Ark Venture, Service, Microsoft, Tiger Global, Nvidia, Khosla Ventures, United, United Arab Emirates Locations: Abu Dhabi, United Arab, xAI
OpenAI workers may soon be allowed to sell their shares in the AI firm, The Information reported. The report cited a memo sent to employees that said details on stock sales were being worked out. OpenAI raised $6.6 billion in its latest fundraising round. AdvertisementWorkers at OpenAI may soon get the opportunity to sell some of their shares in the company, The Information reported, citing a company memo. The move to allow employees to cash in follows the ChatGPT creator's $6.6 billion fundraising round.
Persons: OpenAI, , Sarah Friar, OpenAI's, Friar, Sam Altman, Mira Murati Organizations: Service, Microsoft, Nvidia, Wall Street Locations: OpenAI
OpenAI's $6.6 billion funding raise attracted some big names across the industry. The $6.6 billion round gave OpenAI a $157 billion post-money valuation and minted it into one of the most valuable startups in the world. MicrosoftMicrosoft invested a little under $1 billion into OpenAI's latest funding round, according to The Wall Street Journal report. FidelityFidelity also participated in OpenAI's latest funding round. AdvertisementAltimeter Capital ManagementAltimeter Capital Management also contributed to OpenAI's latest funding round, according to reports.
Persons: , Sam Altman, OpenAI, Here's, Anderson Cooper, Josh Kushner, Instagram, Kushner, Altman, josh, SoftBank, Masayoshi Son, Son, Marco Bello, Wood, Morningstar, Bing, Jensen Huang, Sam Yeh, Elon Musk's, Brad Gerstner, Gerstner, Vinod Khosla, Vaughn Ridley, Khosla, MGX Organizations: Service, Allen & Company Sun Valley Conference, Getty, Capital, Business, VC, Wall Street, Reuters, Vision Fund, Venture, ARK Invest, ARK Venture Fund, SpaceX, Microsoft Microsoft, Wall, Rival Apple, Microsoft, Nvidia Nvidia, Nvidia, Tiger Global Management, Fidelity Fidelity, Elon, Elon Musk's xAI, Fidelity, Capital Management, . Khosla, Getty Khosla Ventures, Sun Microsystems, United Arab, Bloomberg Locations: OpenAI, Silicon Valley, OpenAI ., Tokyo, Saudi, ARK, AFP, IPOs, America, United Arab Emirates
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