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Wall Street analysts are turning more bullish on Nvidia yet again following another strong guide from the chipmaking behemoth. "The narrative is clearly nowhere near its end, or likely nowhere near its peak," he wrote, adding that shares appear inexpensive. He expects Nvidia's Blackwell chips to be sold out through 2025. "While it's large enough market that competitors can succeed or even gain share, NVIDIA remains the standard bearer for multifaceted AI," he wrote. Nvidia's results lifted the broader chip sector, with the VanEck Semiconductor ETF (SMH) trading 3% higher in the premarket.
Persons: Tom O'Malley, Bernstein's Stacy Rasgon, Blackwell, Blayne Curtis, Citi's Atif Malik, JPMorgan's Harlan Sur, Goldman Sachs, Toshiya Hari, Sur, Morgan Stanley's Joseph Moore, Nvidia's Blackwell Organizations: Nvidia, Blackwell, Wall, Barclays, Jefferies, NVIDIA, VanEck Semiconductor, Micron Technology, AMD Locations: CY25
Goldman Sachs hiked its price target on Nvidia, calling for nearly 20% more gains ahead. The firm upgraded shares of Target to buy from neutral, and reiterated its $180 per share price target. The firm upgraded the clothing retailer to buy from neutral and increased its target price to $28 per share from $21. — Brian Evans 5:45 a.m.: Goldman Sachs raises Nvidia price target on still strong AI demand Goldman Sachs sees enough demand for artificial intelligence to drive sky high Nvidia even higher. The firm reiterated a buy rating on the chipmaker and raised its 12-month price target on the chipmaker to $1,100 from $1,000.
Persons: Goldman Sachs, TGT, Paul Lejuez, — Brian Evans, Wall, Brian Evans, Stephanie Yee, Toshiya Hari, Myles Allsop, Allsop, Fred Imbert Organizations: CNBC, Nvidia, UBS, Vale, Citi, Target, JPMorgan, UL Solutions, UL Locations: Monday's, North America, U.S, stoke, RIO
Federal authorities say a "critical safety gap" in Tesla 's Autopilot system contributed to at least 467 collisions, 13 resulting in fatalities and "many others" resulting in serious injuries. The findings come from a National Highway Traffic Safety Administration analysis of 956 crashes in which Tesla Autopilot was thought to have been in use. Tesla's Autopilot design has "led to foreseeable misuse and avoidable crashes," the NHTSA report said. The agency also said it was opening a new probe into the effectiveness of a software update Tesla previously issued as part of a recall in December. "People are dying due to misplaced confidence in Tesla Autopilot capabilities.
Persons: Tesla, Lars Moravy, Edward J, Markey, Richard Blumenthal, Conn, Walter Huang, Elon Musk, Musk, Philip Koopman, Koopman Organizations: Tesla, Traffic, NHTSA, CNBC, NBC News, Apple, Carnegie Mellon University Locations: U.S, Mountain View , California, Snohomish County , Washington, Sens
The House legislation would require TikTok's China-based parent company ByteDance to divest the social media app, or face an eventual ban in the United States. Glueck said Oracle did not lobby for or against the TikTok bill, and only disclosed the meetings on mandatory filings in order to be transparent. "In a TikTok ban or shut-down scenario, Oracle would lose what is likely its largest OCI [Oracle Cloud Infrastructure] customer. Though the initial House bill briefly stalled in the Senate, a similar piece of legislation passed the House on Saturday and already has key support in the Senate. The services included providing congressional offices "technical assistance" in regards to the TikTok legislation, according to the disclosures.
Persons: Ken Glueck, Oracle, Glueck, Sen, Maria Cantwell, Mark Warner, Both Cantwell, Warner, Joe Biden, TikTok Organizations: Oracle, CNBC, Fierce Government Relations, Polaris Government Relations, Senate, Intelligence Committee, Oracle Cloud Infrastructure, UBS, TikTok, Intelligence, Records, Polaris, Internal Revenue Service Locations: Washington, United States, China
Tesla has laid off 280 workers at its Buffalo, New York facility. Elon Musk told Tesla staff he was cutting more than 10% of the company's workforce. The Buffalo site is used for training Tesla's driver-assist software, and energy storage products. On Sunday night, Tesla CEO Elon Musk told staff the company was cutting more than 10% of its workforce. AdvertisementTesla's Buffalo site is used as a site for the company's data analysis to train its Autopilot and so-called Full Self-Driving software.
Persons: Tesla, Elon Musk, , who'd Organizations: Service, Worker, Business Locations: Buffalo , New York, Buffalo, New York, Tesla, California, Texas
Analyst Ryan MacWilliams upgraded the Australian-American software company, which develops and maintains software and provisions software hosting services, to overweight from equal weight. He raised his price target by $40 to $275, which implies 34.3% upside from Wednesday's close. In early February, the company beat second-quarter earnings and revenue estimates and gave positive fiscal 2024 guidance concerning its cloud and data center revenue growth. He indicated expectations for roughly 80% to 90% of the company's data center customers to migrate to cloud within the next three years. The analyst's upside case assumes roughly 28% revenue growth in 2024, which he thinks could happen if Atlassian continues to invest in its in-house revenue generators or pursues external portfolio additions.
Persons: Ryan MacWilliams, MacWilliams, Atlassian Organizations: Barclays, TEAM Locations: Atlassian, American, 2H24
Reddit shares jumped 48% in their debut on Thursday in the first initial public offering for a major social media company since Pinterest hit the market in 2019. Reddit and selling shareholders raised about $750 million from the offering, with the company collecting about $519 million. This year, Reddit said it plans to recognize roughly $66.4 million in revenue as part of its data licensing deals. Google has also entered into an expanded partnership with Reddit, allowing the search giant to obtain more access to Reddit data to train AI models and improve its products. "I hope they believe in Reddit and support Reddit," Huffman told CNBC in an interview on Thursday.
Persons: Steve Huffman, Lynn Martin, Reddit, Pinterest, Klaviyo, Pinterest's, it's, Alexis Ohanian, Huffman, Redditors, Sam Altman, Condé Nast, Altman's, Altman Organizations: New York Stock Exchange, Astera Labs, Nasdaq, Meta, Google, Reddit, Federal Trade Commission, FTC, Companies, CNBC, GameStop, Tencent, Advance Magazine Publishers Locations: New York, It's, Reddit
DETROIT – General Motors' long-time head of manufacturing is retiring, and the company has hired a former Tesla and Google executive to fill his shoes. The Detroit automaker said on Tuesday that Gerald Johnson, executive vice president of Global Manufacturing and Sustainability, will pass the baton to Jens Peter "JP" Clausen, a former executive with Tesla, Lego and, most recently, Google. Johnson's departure isn't unexpected after a 44-year tenure with the automaker, however GM also announced another more surprising departure on Tuesday: that of Mike Abbott, executive vice president of software and services. Baris Cetinok, current vice president of product in software and services, has been named Abbott's interim replacement while a search is conducted. The company's board members include former Tesla President of Global Sales and Service Jon McNeill.
Persons: Gerald Johnson, Jens Peter, JP, Clausen, Johnson, Mike Abbott, Abbott, Baris Cetinok, Elon Musk, JB Straubel, Tesla's, Tesla, Gingko Bioworks, Jon McNeill Organizations: Motors, Global Manufacturing, Labor, DETROIT –, Google, Detroit, Sustainability, GM, Apple, Tesla, Softbank, company's, Technology, Global Sales Locations: Warren , Michigan, DETROIT, Nevada, Reno, Zymergen
Criteo operates across three segments – marketing solutions, retail media, and Iponweb – but generated 83% of its $1.95 billion of revenue in 2023 from the marketing solutions segment. To many in the investor community, this was the death knell for cookies leading to uncertainty for Criteo's largest segment. Additionally, the company's retail media segment is a very appealing and growing business using software as a service for e-commerce companies. Petrus will likely nominate outside directors to the board as they rarely propose Petrus insiders for board seats. If it does not settle, Petrus has shown that they are willing to take a proxy fight to a vote.
Persons: Petrus, Rachel Picard, Megan Clarken, Alphabet's, Criteo, Frank Layden, Petrus —, Neuberger Berman, AllianceBernstein, Evercore, Ken Squire Organizations: Criteo, Petrus Advisers, Nasdaq, Alphabet's Google, TAC, Cadian Capital Management, Bloomberg, Reuters, 13D Locations: France, Europe, Americas, Asia, Pacific
The Marvell Technology Group Ltd. headquarters building stands in Santa Clara, California, U.S., on Tuesday, Feb. 8, 2011. Marvell Technology forecast first-quarter results below market expectations on Thursday, hurt by weak demand for its custom chips used in artificial intelligence applications, sending the company's shares down about 8% in extended trade. The company had flagged in November that it expects roughly half its revenue to decline in the first quarter, weighed down by weak demand in its wireless carrier and enterprise markets. The company forecast first-quarter adjusted earnings per share of 23 cents, plus or minus 5 cents, compared with estimates of 40 cents per share, according to LSEG data. The company reported fourth-quarter revenue of $1.43 billion, beating estimates of $1.42 billion, on the back of rapid adoption of artificial intelligence.
Persons: Marvell, Matt Murphy Organizations: Marvell Technology Group, Marvell Technology, Marvell, Revenue Locations: Santa Clara , California, U.S, Marvell
Reddit is seeking a valuation of up to $6.5 billion in its upcoming IPO, according to a person familiar with the matter. The Wall Street Journal was first to report on the expected range and valuation. Employees will be allowed to sell Reddit stock during the offering, the source added. Reddit had a private market valuation of $10 billion when it last raised a funding round of $1.3 billion in 2021, according to PitchBook. Reddit's IPO will represent the first major tech offering of the year and the first social media IPO since Pinterest's Wall Street debut in 2019.
Persons: Reddit, Sam Altman's, he'd, Altman, Condé Nast, Alexis Ohanian, Steve Huffman, Airbnb, OpenAI's, John Tuttle Organizations: New York Stock Exchange, Tencent, Advance Magazine Publishers, Securities and Exchange Commission, Google, Reddit Locations: Los Angeles , California, Reddit
Novavax generated fourth-quarter sales of $291.3 million, down from the $357.4 million in the year-earlier period. Novavax expects full-year 2024 revenue to come in between $800 million and $1 billion. Novavax anticipates first-quarter revenue to come in at $100 million, which reflects the tail end of the current Covid vaccination season. The cuts will help Novavax focus on further developing its combination vaccine targeting Covid and the flu, which it plans to launch in 2026. On Thursday, Novavax said it will settle a bitter arbitration dispute with Gavi, a nongovernmental global vaccine organization, over a canceled Covid vaccine purchase agreement.
Persons: Novavax, John Jacobs, Jacobs, Gavi Organizations: LSEG, CNBC, CNBC PRO
Reddit files to list IPO on NYSE under the ticker RDDT
  + stars: | 2024-02-22 | by ( Jonathan Vanian | In | ) www.cnbc.com   time to read: +6 min
Social media company Reddit filed its IPO prospectus with the Securities and Exchange Commission on Thursday after a yearslong run-up. The company plans to trade on the New York Stock Exchange under the ticker symbol "RDDT." The social networking company's core business is reliant on online advertising sales stemming from its website and mobile app. Reddit said the current addressable advertising market is $1.0 trillion, sans China and Russia. Reddit said that its non-employed moderators, known as Redditors, can participate in the company's IPO offering through its "directed share program."
Persons: Reddit, Pinterest, Alexis Ohanian, Steve Huffman, It's, DAUq, Condé Nast Organizations: Securities and Exchange Commission, New York Stock Exchange, P Global Market Intelligence, Google, eBay, . Publishing, Condé Locations: U.S, Reddit's U.S, China, Russia, Ukraine
NEW LOOK 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 . Elon Musk might want to thank the workers who went against his orders. Twitter employees ignored Musk's demand to reveal the company's data to reporters — and may have saved him from another hefty charge from the Federal Trade Commission. This story is available exclusively to Business Insider subscribers.
Persons: , Elon, Twitter —, Musk Organizations: Service, Federal Trade Commission, FTC, Twitter, Business
Aware's analytics tool — the one that monitors employee sentiment and toxicity — doesn't have the ability to flag individual employee names, according to Schumann. Speaking broadly about employee surveillance AI rather than Aware's technology specifically, Williams told CNBC: "A lot of this becomes thought crime." When including other types of content being shared, such as images and videos, Aware's analytics AI analyzes more than 100 million pieces of content every day. "It's always tracking real-time employee sentiment, and it's always tracking real-time toxicity," Schumann said of the analytics tool. Amba Kak, executive director of the AI Now Institute at New York University, worries about using AI to help determine what's considered risky behavior.
Persons: George Orwell, there's, Slack, Jeff Schumann, Schumann, Jutta Williams, Williams, chatbot, he's, Orwell, Rather, Amba Kak, Kak, they're Organizations: Istock, Microsoft, U.S, Walmart, Delta Air Lines, Mobile, Chevron, Starbucks, Nestle, AstraZeneca, CNBC didn't, Delta, CNBC, Humane Intelligence, Goldman Sachs Asset Management, Nationwide, CBS, Meta, New York University, Federal Trade Commission, Justice Department, Opportunity Commission Locations: Columbus , Ohio, Chevron, United States, Slack
AMD shares fall as first-quarter forecast comes in light
  + stars: | 2024-01-30 | by ( Kif Leswing | ) www.cnbc.com   time to read: +3 min
AMD reported fourth-quarter earnings on Tuesday that were in line with analyst expectations, while the company's revenue beat estimates, but AMD offered a first-quarter forecast that fell short of expectations. It said that its data center revenue would be flat as server chip declines would be offset by AI GPU sales. Net income in the fourth quarter was $667 million, or $0.41 per share, versus $21 million, or $0.01 per share a year ago. AMD gave a positive update on its AI chips sales. Data center, which includes server CPUs and AI chips, rose 38% on an annual basis to $2.28 billion in sales.
Persons: Lisa Su, It's Organizations: AMD, Nvidia, Data Center, Microsoft Xbox, Sony Locations: Las Vegas , Nevada, U.S
Nonetheless, analysts remain focused on the bigger picture and are bullish on stocks that offer attractive long-term growth prospects. Investors can weigh the recommendations of Wall Street's top analysts as they pick out the best names to add to their portfolios. With that in mind, here are three stocks favored by the Street's top pros, according to TipRanks, a platform that ranks analysts based on their past performance. The stock generated stellar returns last year due to the robust demand for the company's graphics processing units in generative AI. He thinks that the health-care business features among the top three verticals of the company's data center segment.
Persons: Wall, Brad Erickson, Erickson, TipRanks, Brian Pitz, Pitz, Harlan Sur, Kimberly Powell Organizations: RBC Capital, Web Services, BMO Capital, TAM, Nvidia, JPMorgan, Pharmaceuticals Locations: U.S, Europe, DoorDash's U.S, Sur
The move comes as Twilio grapples with two activist investors who have been pushing for significant changes. In a regulatory filing announcing the move, the company also said Twilio expected fourth-quarter revenue and income to come in above its prior guidance. Lawson will also step down from Twilio's board, where he had served as chairman. "I am honored to step into the CEO role," Shipchandler said in a release. We look forward to continuing to engage with Twilio's Board and management team going forward," he added.
Persons: Jeff Lawson, Spain Twilio, Twilio, Lawson, Khozema, Shipchandler, Jeff Epstein, we've, Jeff Lawson's, Sagar Gupta, Gupta, Partner's Organizations: Twilio, Mobile, Congress, Bessemer Venture Partners, Anson Funds, Legion Partners, CNBC, Qatalyst Partners, Twilio's, Partners, Twilio's Board, CNBC PRO Locations: Barcelona, Spain, Twilio
Equinix is preparing for the generative-AI boom by arming more than 100 of its data centers with advanced liquid-cooling technologies. Its 250 data-center facilities rent space, hardware, and broadband to other companies to store data and run workloads in the cloud. The data centers will include new liquid-cooling technology, which helps lower the temperatures of Equinix's machines. The first of the company's data centers to host the new technology will be completed in the first quarter of 2024. Lin said Equinix already offers in-rack heat exchangers at most of its locations and has typically provided more advanced technologies on a "bespoke" basis.
Persons: Jon Lin, Lin, Equinix Organizations: San, San Francisco Bay Area, Business Locations: London, San Francisco Bay, Singapore, Equinix
Salesforce CEO Marc Benioff told CNBC's Jim Cramer what contributed to his company's better-than-expected Wednesday earnings report, highlighting his cloud data business and artificial intelligence product Einstein GPT. Benioff said Salesforce added a thousand new Data Cloud customers over the quarter and called that business "the cherry at the top of the cake." The company's Data Cloud revenue was up 22% from the previous year. For your enterprise, you have to get your data together, and that's why Salesforce Data Cloud is so important, and it's why we did those thousand Data Cloud deals in the quarter." The company's revenue increased 11% from the previous year, jumping from $7.84 billion to $8.72 billion.
Persons: Marc Benioff, CNBC's Jim Cramer, Einstein, Benioff, Salesforce, threating Organizations: LSEG
Nvidia's revenue triples as AI chip boom continues
  + stars: | 2023-11-21 | by ( Jordan Novet | ) www.cnbc.com   time to read: +4 min
The company's data center revenue totaled $14.51 billion, up 279% and more than the StreetAccount consensus of $12.97 billion. With respect to guidance, Nvidia called for $20 billion in revenue for the fiscal fourth quarter. During the quarter, Nvidia announced the GH200 GPU, which has more memory than the current H100 and an additional Arm processor onboard. As recently as two years ago, sales of GPUs for playing video games on PCs were the largest source of Nvidia's revenue. Nvidia faces obstacles, including competition from AMD and lower revenue because of export restrictions that can limit sales of its GPUs in China.
Persons: Colette Kress, Kress, Raymond James, Srini Pajjuri, Jacob Silverman, Degas Wright Organizations: Nvidia, LSEG, Energy, Microsoft, AMD Locations: China, East, Australia
A smartphone with a displayed NVIDIA logo is placed on a computer motherboard in this illustration taken March 6, 2023. But the red-hot market for AI chips is playing out in the context of vastly expanded U.S. export controls on what Nvidia can sell to China. Jacob Bourne, analyst at Insider Intelligence, said that those China-focused chips could consume vital research resources at Nvidia for products that could end up banned just like its first round of China market chips. Rival Advanced Micro Devices (AMD.O) had earlier touted the quantity of high-bandwidth memory on one of its competing AI chips. Chinese tech company Huawei's (HWT.UL) AI chip is also gaining traction from local firms as U.S. pressure makes it hard to access Nvidia chips.
Persons: Dado Ruvic, Nvidia, Jesse Cohen, Colette Kress, Jacob Bourne, Bourne, Chavi Mehta, Max A, Stephen Nellis, Arun Koyyur, Sayantani Ghosh, Matthew Lewis Organizations: NVIDIA, REUTERS, Wall, Nvidia, LSEG, Insider Intelligence, Devices, Google, Microsoft, San, Thomson Locations: China, Israel, Gaza, United States, Bengaluru, Max, San Francisco
The deadline to submit takeover bids ends on Tuesday, and the sources told Reuters Jindal had decided against bidding after evaluating the airline's financial statements. "The EoI was largely to check the valuation of the airline and get access to the company's data," said one of the sources. Jindal Power and Go First's resolution professional did not reply to emails seeking comment. The Central Bank of India (CBI.NS), Bank of Baroda (BOB.NS), IDBI Bank (IDBI.NS) and Deutsche Bank (DBKGn.DE) are among the top creditors to the airline. Both bankers said the liquidation of the airline was now the most likely option as there were no serious bidders.
Persons: Francis Mascarenhas, India's, Reuters Jindal, Jindal, Banks, Siddhi Nayak, Sarita Chaganti Singh, Miral Organizations: REUTERS, Rights, India's Jindal Power Ltd, Reuters, Jindal Power, Bankers, Central Bank of India, Bank of Baroda, IDBI Bank, Deutsche Bank, Siddhi, Thomson Locations: Shivaji, Mumbai, India, Rights MUMBAI, Bank, BOB.NS, Delhi
Tech investors are marching towards Thanksgiving with plenty of holiday cheer. It's the strongest rally over that amount of time since April 2020, when early Covid stay-at-home requirements led to a surge in e-commerce and cloud software stocks. Intel was the biggest winner among large-cap tech stops this week, climbing 13%. Semiconductors will be the primary area of focus next week for tech investors, as Nvidia is scheduled to report results on Tuesday. WATCH: EMJ's Erick Jackson expects good earnings report from Nvidia
Persons: they're, Eric Jackson, Jackson, Dow Jones, Tesla, Elon Musk, Andrew Bates, EMJ's Erick Jackson Organizations: Nasdaq, Intel, Mizuho Securities, Nvidia, EMJ Capital, Federal, Index
Intel stock jumped 10% on Friday morning after the company beat Wall Street expectations for profit and sales. It posted $14.16 billion in revenue for the quarter, ahead of analyst expectations of $13.53 billion, but down 8% from the year-ago quarter. Intel is also on track to hit its goal of $3 billion in savings for the year, according to CEO Pat Gelsinger. JPMorgan analysts praised the savings in an investor note. "The team is also executing well against its cost saving initiatives and indicated that they are on track with their plans for $3B in savings to COGS/Opex in 2023," JPMorgan analysts wrote.
Persons: Intel's premarket, Goldman Sachs, Morgan Stanley, Pat Gelsinger, Intel's, , Leswing, Michael Bloom Organizations: Intel, Nvidia, Arm, JPMorgan, CNBC
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