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ET (1900 GMT), to discuss the debt ceiling bill. "The market is cautiously pricing in that the deal has been done," said Thomas Hayes, chairman at Great Hill Capital LLC. Nvidia Corp (NVDA.O) jumped 4.8% in premarket trading after it said on Monday it was building Israel's most powerful AI supercomputer to meet soaring customer demand for AI applications. Other chipmakers including Advanced Micro Devices Inc (AMD.O), Marvell Technology Inc (MRVL.O) and Intel Corp (INTC.O) added about 3% each. May consumer confidence data is due shortly after markets open, while the Labor Department's closely watched nonfarm payrolls data for May is due on Friday.

☆ Nvidia set to become first US chipmaker valued at over $1 trillion
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +2 min

May 30 (Reuters) - Nvidia Corp (NVDA.O) is close to breaching $1 trillion in market capitalization, making it the first U.S. chipmaker to join the trillion-dollar club. The gaming and AI chip company, whose shares rose 3.8% in trading before the bell on Tuesday, was valued at $998 billion. AI took center stage after Nvidia stunned investors with a revenue forecast last week that surpassed analysts' expectations by more than 50%. The highest price target valued the company at about $1.6 trillion, on par with Google-parent Alphabet. Reuters GraphicsReporting by Medha Singh, Akash Sriram and Samrhitha Arunasalam in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

U.S. President Joe Biden and Republican House of Representatives Speaker Kevin McCarthy on Sunday signed off on an agreement to temporarily suspend the debt ceiling and cap some federal spending. ET (1900 GMT), to discuss the debt ceiling bill. Reflecting investor optimism, the cost of insuring exposure to a U.S. debt default fell further on Tuesday, while yields on longer-dated U.S. Treasuries fell. Other chipmakers including Advanced Micro Devices Inc (AMD.O), Marvell Technology Inc (MRVL.O) and Intel Corp (INTC.O) added about 3% each. ET, Dow e-minis were up 60 points, or 0.18%, S&P 500 e-minis were up 22.75 points, or 0.54%, and Nasdaq 100 e-minis were up 157.25 points, or 1.1%.

May 30 (Reuters) - Jensen Huang, the chief of chipmaker Nvidia Corp (NVDA.O), has joined an elite list of tech executives to head a company worth $1 trillion. Nvidia shares have been on a tear, rising on stellar sales projections from a boom in artificial-intelligence workloads and components. Huang was born in Taiwan but moved to the United States as a child, earning engineering degrees at Oregon State University and Stanford University. In 1993 he founded Nvidia along with Curtis Priem and Chris Malachowsky, securing backing from Silicon Valley's Sequoia Capital and others. As companies further adopt AI, Nvidia could be one of the key beneficiaries.

Persons: Jensen Huang, Huang, Inc's, Jeff Bezos, ChatGPT, Curtis Priem, Chris Malachowsky, Andrew Ng, Yuvraj Malik, Samrhitha, Stephen Nellis, Matthew Lewis Organizations: Nvidia Corp, Nvidia, Oregon State University, Stanford University, Valley's Sequoia Capital, BET, INTEL, Taiwan Semiconductor Manufacturing, Intel Corp, Logic Corp, Devices Inc, Alphabet Inc, Baidu Inc, HK, San, Thomson Locations: Taiwan, United States, Taipei, Bengaluru, San Francisco

☆ Investors who showed Q1 bets on Nvidia may have got boost as it joined $1 trillion club
▼ + stars: | 2023-05-30 | by ( Carolina Mandl | ) www.reuters.com time to read: +2 min

They may not reflect current holdings, as fund managers may have added or sold shares since then. Many investors have piled in to the chipmaker that has quickly become one of the biggest winners of the AI boom. In the previous quarter, Nvidia was not part of GQG's portfolio. Among prominent investors who sold Nvidia's shares before its recent jump is ARK Invest. California Public Employees' Retirement System (CalPERS) sold roughly 1 million shares in Nvidia, but remained with about $1.2 billion in shares in the first quarter.

Persons: Cathie Wood, Carolina Mandl, Megan Davies, Matthew Lewis Organizations: YORK, Nvidia, GQG Partners, Fort, GQG Partners Inc, Nvidia Corp, Tiger Global Management, Wellington Management Group, Moore, ARK, California Public Employees, Carolina, Thomson Locations: U.S, Australia, Fort Lauderdale , Florida, India's, California, New York

Nvidia now trades at around 45 times Wall Street's average earnings estimates for the next 12 months - a popular measure known as the forward price/earnings (P/E) ratio. While investors rushed to buy Nvidia's stock in recent sessions, its P/E multiple has fallen simply because Wall Street's earnings expectations for the company rose even faster than its share price. During Tuesday's session, Nvidia became the first chipmaker to boast a $1 trillion valuation. AI was mentioned 86 times on Nvidia's conference call, beating out 52 mentions on Alphabet's (GOOGL.O) call and 35 mentions on Microsoft's (MSFT.O) call. Reporting By Sinéad Carew, Noel Randewich and markets team reporters; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

Persons: Nvidia Corp's, Jensen Huang, Bernstein, Stacy Rasgon, Susannah Streeter, Hargreaves Lansdown, Streeter, Sinéad Carew, Noel Randewich, David Gregorio Our Organizations: FRANCISCO, Nvidia, Hargreaves, Devices, Meta, Thomson Locations: Refinitiv, Alphabet's, Microsoft's

☆ Nvidia's ascent continues unabated, while Citi says buy J&J
▼ + stars: | 2023-05-30 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +6 min

Optimism for J & J, Kenvue The news : Investors should buy shares of Johnson & Johnson for its "world-leading medical technology and pharmaceutical franchises," Citigroup analysts wrote in a research note Tuesday. The firm, after a period of restriction, resumed its J & J coverage with a buy rating and $185-per-share price target. Jim said Tuesday he could see J & J jumping to around $170 per share, if plaintiffs were to approve the company's proposed settlement . J & J has long rejected plaintiffs' claims that its baby powder and other talc products caused cancer. In any case, we like Kevnue as a standalone company and will keep a close eye on its performance as we await more information from J & J management on finalizing the divestiture.

Organizations: & $

Nvidia chips have been at the heart of major tech tends from video games to self-driving cars, to cloud computing, and now AI - artificial intelligence. Born in Taiwan, Huang moved to the United States as a child, earning engineering degrees at Oregon State University and Stanford University. Its first big hits were specialized chips to power high-intensity motion graphics for computer games called graphics processing units (GPUs). Even then, Huang did not think of Nvidia as just a chip company. "Computer graphics is one of the most complex parts of computer science," Huang told an audience in Silicon Valley in 2021 while receiving a lifetime achievement award.

Persons: Jensen Huang, I've, Huang, grunting, Inc's, Jeff Bezos, Steve Jobs, ChatGPT, Stanford University . Huang, selfies, Curtis Priem, Chris Malachowsky, Andrew Ng, Yuvraj Malik, Samrhitha, Stephen Nellis, Ben Blanchard, Matthew Lewis, Sonali Paul, Jacqueline Wong Organizations: Nvidia Corp, Apple Inc, Oregon State University, Stanford University, Nvidia, Valley's Sequoia Capital, BET, Taiwan Semiconductor Manufacturing, Intel, Thomson Locations: Taiwan, United States, Taipei, Silicon Valley, Bengaluru, San Francisco

☆ Factbox: How megacap stocks fared after hitting $1 trillion in market cap
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +1 min

[1/3] The Apple Inc logo is seen at the entrance to the Apple store in Brussels, Belgium November 28, 2022. REUTERS/Yves HermanNEW YORK, May 30 (Reuters) - A mammoth run in shares of Nvidia Corp (NVDA.O) has vaulted the chipmaker into a rarified club: U.S. companies that have reached $1 trillion in market value. Nvidia's market cap ended at about $990.7 billion on Tuesday, according to Reuters data, after hitting $1 trillion during the session. While Apple has ascended to even greater heights, touching $3 trillion in market cap at one point, Meta Platforms (META.O), which was formerly Facebook, and Tesla (TSLA.O), have since fallen below the level after they reached $1 trillion at separate points in 2021. Here is a look at the other six trillion-dollar companies and where their market values stand now:Reporting by Lewis Krauskopf, Lance Tupper and Noel Randewich; Editing by Ira Iosebashvili and David GregorioOur Standards: The Thomson Reuters Trust Principles.

Persons: Yves Herman NEW, Lewis Krauskopf, Lance Tupper, Noel Randewich, Ira Iosebashvili, David Gregorio Our Organizations: Apple, REUTERS, Yves Herman NEW YORK, Nvidia Corp, Facebook, Thomson Locations: Brussels, Belgium

☆ Nvidia to build Israeli supercomputer as AI demand soars
▼ + stars: | 2023-05-29 | by ( Steven Scheer | ) www.reuters.com time to read: +2 min

JERUSALEM, May 29 (Reuters) - Nvidia Corp (NVDA.O) said on Monday it was building Israel's most powerful artificial intelligence (AI) supercomputer to meet soaring customer demand for AI applications. Gilad Shainer, a senior vice president at Nvidia, said Nvidia worked with 800 startups in Israel and tens of thousands of software engineers. Shainer said AI was the "most important technology in our lifetime" and that to develop AI and generative AI applications large graphics processing units (GPUs) were needed. Nvidia bought Israeli chip designer Mellanox Technologies in 2019 for nearly $7 billion, outbidding Intel Corp.Shainer said Nvidia's first priority for the supercomputer was its Israeli partners. Last week, Nvidia said it had worked with Britain's University of Bristol to build a new supercomputer using a new Nvidia chip that would compete with Intel and Advanced Micro Devices Inc.

☆ AI means everyone can now be a programmer, Nvidia chief says
▼ + stars: | 2023-05-29 | by ( ) www.reuters.com time to read: +2 min

Nvidia has surged to become the world's most valuable listed semiconductor company as a major supplier of chips and computing systems for artificial intelligence. "Every single computing era you could do different things that weren't possible before, and artificial intelligence certainly qualifies," Huang added. Everyone is a programmer now - you just have to say something to the computer," he said. Huang demonstrated what AI could do, including getting a programme to write a short pop song praising Nvidia with only a few words of instruction. Nvidia has strained to meet demand for its AI chips, with Tesla Inc TSLA.O CEO Elon Musk, who is reportedly building out an artificial-intelligence startup, last week telling an interviewer that the graphics processing units (GPUs) are "considerably harder to get than drugs".

[1/3] Nvidia Corp CEO Jensen Huang speaks at the COMPUTEX forum in Taipei, Taiwan May 29, 2023. Under the agreement, announced at the Computex technology trade show in Taipei, MediaTek will integrate an Nvidia graphic processing unit chiplet and Nvidia software into the system-on-chips it supplies to automakers for infotainment displays. MediaTek systems using Nvidia software would be compatible with automated driving systems based on Nvidia technology, the companies said. The partnership with MediaTek gives Nvidia wider access to the $12 billion market for infotainment system-on-chips, the companies said. MediaTek, which has its base in the Android smartphone chip sector, sells its Dimensity Auto technology to lower-priced, mass market vehicle lines, and has strengths in mobile connectivity and Android systems.

☆ Japan's Nikkei hits 1990 high on weak yen, US optimism; SoftBank surges
▼ + stars: | 2023-05-29 | by ( Kevin Buckland | ) www.reuters.com time to read: +2 min

TOKYO, May 29 (Reuters) - Japan's Nikkei share average rose on Monday to its highest level since July 1990, buoyed by optimism over a U.S. debt ceiling deal and a weaker yen. SoftBank Group jumped more than 8% as shares of Japanese chip-related companies continued to outperform amid the AI euphoria that also propelled Wall Street peers. "The trigger for everything was Nvidia," said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management. The broader Topix (.TOPX) rose as much as 1.36% to 2,175.13 in early trading but failed to get close to last week's 33-year high at 2,188.66. Reporting by Kevin Buckland; Editing by Himani Sarkar, Muralikumar Anantharaman, Sherry Jacob-Phillips and Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.

☆ Japan's Nikkei hits highest since July 1990 on weak yen, US optimism
▼ + stars: | 2023-05-29 | by ( Kevin Buckland | ) www.reuters.com time to read: +2 min

TOKYO, May 29 (Reuters) - Japan's Nikkei share average rose on Monday to its highest level since July 1990, buoyed by optimism over a U.S. debt ceiling deal and a weaker yen. "The Nikkei crossed the psychological 31,500 mark on Monday, but in the end that level proved a bit too heavy," she said. "This week, I expect the Nikkei to steadily advance, but with short-term retracements to check its speed." The broader Topix (.TOPX) rose as high as 2,175.13, but failed to get close to last week's 33-year high at 2,188.66. Reporting by Kevin Buckland; Editing by Himani Sarkar, Muralikumar Anantharaman, Sherry Jacob-Phillips and Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.

☆ Japan's Nikkei share average rises to highest since July 1990
▼ + stars: | 2023-05-29 | by ( Kevin Buckland | ) www.reuters.com time to read: +2 min

TOKYO, May 29 (Reuters) - Japan's Nikkei share average rose on Monday to its highest level since July 1990, buoyed by optimism over a U.S. debt ceiling deal and a weaker yen. "The Nikkei crossed the psychological 31,500 mark today, but in the end that level proved a bit too heavy," she said. "This week, I expect the Nikkei to steadily advance, but with short-term retracements to check its speed." The broader Topix (.TOPX) rose as high as 2,175.13, but failed to get close to last week's 33-year high at 2,188.66. Reporting by Kevin Buckland; Editing by Himani Sarkar, Muralikumar Anantharaman and Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ The tech trade is back, driven by A.I. craze and prospect of a less aggressive Fed
▼ + stars: | 2023-05-26 | by ( Ari Levy | ) www.cnbc.com time to read: +5 min

Patrick T. Fallon | Bloomberg | Getty Imageswatch nowTo start the year, the main theme in tech was layoffs and cost cuts. But investors have shifted their focus to AI now that companies are showcasing real-world applications of the long-hyped technology. Google, meanwhile, is touting its rival AI model at every opportunity, and Meta CEO Mark Zuckerberg would much rather tell shareholders about his company's AI advancements than the company's money-bleeding metaverse efforts. The chipmaker, known best for its graphics processing units (GPUs) that power advanced video games, is riding the AI wave. The next three top gainers in the index are also tech companies: Meta, Advanced Micro Devices and Salesforce .

☆ Marvell's shares get AI boost a day after Nvidia's surge
▼ + stars: | 2023-05-26 | by ( ) www.reuters.com time to read: +2 min

May 26 (Reuters) - Shares of Marvell Technology soared about 23% on Friday after the chipmaker became the latest to project a big surge in revenue from the AI boom, days after larger peer Nvidia Corp (NVDA.O) signaled the huge potential for the technology. The gains were set to add nearly $10 billion to Marvell's market value as investors chase exposure to AI to counter weakness in many technology companies' traditional services and products. At least 17 brokerages raised their price targets on Marvell, taking the median price target to $65, implying a 31% upside to the stock's last close. The brokerage expects a demand boost from areas such as 5G, auto and AI-based products to offset weakness in enterprise networking, wired carrier and legacy data centers. Major cloud computing players Microsoft Corp (MSFT.O) and Alphabet Inc (GOOGL.O) are adding the latest AI technology to their products in hopes of boosting demand at a time the weak economy has been a drag on their growth.

☆ The A.I. chip boom is pushing Nvidia toward $1 trillion, but it won't help Intel and AMD
▼ + stars: | 2023-05-25 | by ( Kif Leswing | ) www.cnbc.com time to read: +4 min

Demand for AI chips in data centers spurred Nvidia to guide for $11 billion in sales during the current quarter, blowing away analyst estimates of $7.15 billion. "The flashpoint was generative AI," Huang said in an interview with CNBC. Nvidia currently dominates the market for AI GPUs. "The data center of the past, which was largely CPUs for file retrieval, is going to be, in the future, generative data," Huang said. That's one reason why Nvidia's data center business grew 14% during the first calendar quarter versus flat growth for AMD's data center unit and a decline of 39% in Intel's AI and data center business unit.

☆ Intel gives details on future AI chips as it shifts strategy
▼ + stars: | 2023-05-22 | by ( Stephen Nellis | ) www.reuters.com time to read: +2 min

May 22 (Reuters) - Intel Corp (INTC.O) on Monday provided a handful of new details on a chip for artificial intelligence (AI) computing it plans to introduce in 2025 as it shifts strategy to compete against Nvidia Corp (NVDA.O) and Advanced Micro Devices Inc (AMD.O). At a supercomputing conference in Germany on Monday, Intel said its forthcoming "Falcon Shores" chip will have 288 gigabytes of memory and support 8-bit floating point computation. Intel, by contrast, has essentially no market share after its would-be Nvidia competitor, a chip called Ponte Vecchio, suffered years of delays. Intel on Monday said it has nearly completed shipments for Argonne National Lab's Aurora supercomputer based on Ponte Vecchio, which Intel claims has better performance than Nvidia's latest AI chip, the H100. But Intel's Falcon Shores follow-on chip won't be to market until 2025, when Nvidia will likely have another chip of its own out.

☆ Nvidia chips away at Intel, AMD turf in supercomputers
▼ + stars: | 2023-05-22 | by ( Stephen Nellis | ) www.reuters.com time to read: +1 min

Nvidia is the world's top maker of graphics processing units (GPUs), which are in high demand because they can be used to speed up artificial intelligence work. But Nvidia's GPU chips are typically paired with what is called a central processing unit (CPU), a market that has been dominated by Intel and AMD for decades. The University of Bristol system will be used for climate science and drug discovery research, among other things. That's actually six times more performance and energy efficiency than the university's previous system, Isambard 2," Ian Buck, general manager and vice president of accelerated computing at Nvidia, said during a press briefing. Reporting by Stephen Nellis in San Francisco; Editing by Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.

President Joe Biden and McCarthy reiterated their aim to strike a deal soon on Wednesday to raise the $31.4 trillion federal debt ceiling and agreed to talk as soon as Sunday. Growth stocks led gains, with Nvidia Corp (NVDA.O), Apple Inc (AAPL.O) and Microsoft Corp (MSFT.O) rising between 1% and 4.4%. Bath & Body Works Inc (BBWI.N) gained 9.6% after the beauty and skincare firm raised its annual profit forecast. Declining issues outnumbered advancers for a 1.07-to-1 ratio on the NYSE and for a 1.04-to-1 ratio on the Nasdaq. The S&P index recorded 22 new 52-week highs and four new lows, while the Nasdaq recorded 68 new highs and 50 new lows.

Reuters previously reported that the company was not planning to deploy its first in-house AI chip widely and was already working on a successor. The blog posts portrayed the first MTIA chip as a learning opportunity. As part of that, the company scrapped plans for a large-scale rollout of an in-house inference chip and started work on a more ambitious chip capable of performing both training and inference, according to the Reuters reporting. Meta acknowledged in its blog posts that its first MTIA chip stumbled with high-complexity AI models, although it said the chip handled low- and medium-complexity models more efficiently than competitor chips. The MTIA chip also used only 25 watts of power - a fraction of what market-leading chips from suppliers such as Nvidia Corp (NVDA.O) consume - and used an open-source chip architecture called RISC-V, Meta said.

☆ Asian hedge funds piled to China education, U.S. AI shares in Q1
▼ + stars: | 2023-05-16 | by ( Summer Zhen | ) www.reuters.com time to read: +4 min

Investors poured money into private tutoring leaders, including New Oriental and TAL Education (TAL.N), that have come through a near two-year crackdown in China on after-school education. Greenwoods also built a new position in TAL Education by acquiring 2.2 million shares. The fund run by ex-Alibaba CTO John Wu bought 2.1 million more shares to boost its stake in the tutoring giant. Share prices of both New Oriental and TAL collapsed over 90% from its peak after Beijing’s ban on K-12 private tutoring. The price of two stocks have doubled from the low point in October after China dropped its strict controls against COVID-19.

[1/2] The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. The fourth-quarter earnings come after the Vision Fund unit posted four consecutive quarters of investment loss, with investors debating whether the value of privately held stakes have further to fall. Portfolio firms of the Vision Fund unit whose shares climbed during January-March include e-commerce firm Coupang Inc (CPNG.N) and robotics firm AutoStore Holdings Ltd (AUTO.OL). What matters is Arm for SoftBank to demonstrate it can get results as an investment company," said SMBC Nikko Securities analyst Satoru Kikuchi. Still, SoftBank executives are unlikely to offer meaningful new information about the Arm listing on Thursday, Kikuchi said.

☆ Appen launches cost-cutting plan as earnings drop, expands into generative AI
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

Shares of the company tanked as much as 19.4% to A$2.570 in early trade. Appen, one of the world's largest AI training providers, announced on Wednesday a raft of cost-saving initiatives expected to deliver annualised cost savings of about $36 million in fiscal 2024. "Going forward, costs will be managed in line with the revenue opportunity and market conditions," it said in a statement. It further launched a set of data products and services in a push to diversify its revenue by tapping into the hot generative AI market, on the back of its partnership with NVIDIA Corp (NVDA.O) to offer AI solutions to the latter's enterprise customers. Appen said it had "multiple projects underway that relate to generative AI model development and evaluation for both large tech and enterprise customers."

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