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☆ Nvidia upgrades flagship chip to handle bigger AI systems
▼ + stars: | 2023-11-13 | by ( Stephen Nellis | ) www.reuters.com time to read: +1 min

The H200, as the chip is called, will overtake Nvidia's current top H100 chip. The primary upgrade is more high-bandwidth memory, one of the costliest parts of the chip that defines how much data it can process quickly. Nvidia dominates the market for AI chips and powers OpenAI's ChatGPT service and many similar generative AI services that respond to queries with human-like writing. The H200 has 141-gigabytes of high-bandwidth memory, up from 80 gigabyte in its previous H100. Nvidia also buys memory from Korea's SK Hynix (000660.KS), which said last month that AI chips are helping to revive sales.

Persons: OpenAI's, Stephen Nellis, Sam Holmes Organizations: Nvidia, Google, Oracle, Nvidia's, Micron Technology, Korea's SK Hynix, Amazon Web Services, Microsoft, Oracle Cloud Infrastructure, Lambda, Thomson Locations: San Francisco

☆ 4 tech giants have cemented their AI dominance. But there's even more room for growth
▼ + stars: | 2023-10-16 | by ( Paulina Likos | ) www.cnbc.com time to read: +6 min

Nearly all tech companies will integrate generative AI by the end of 2024. Respondents said they expected to use generative AI for customer support, content generation and productivity. Google Cloud Google Cloud was the third most likely cloud provider in Oppenheimer's survey to gain future AI spending share. Salesforce and AI Oppenheimer analysts said they see "durable tailwinds for customer support, content generation and code generation, which are considered priority use cases for Generative AI." We agree with this call and are in the camp that Salesforce's generative AI tools should help reaccelerate sales growth all while balancing increasing margins.

Persons: Oppenheimer's, Oppenheimer, Piper Sandler, Copilot, Piper, we've, Salesforce, Jim Cramer's, Jim Cramer, Jim, Dado Ruvic Organizations: Microsoft, Web Services, Google, Meta, AI, Adobe, CNBC Locations: OpenAI, Jasper

☆ Analyst on regulator's probe in tech giants' role in the cloud sector
▼ + stars: | 2023-10-06 | 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 Email'Being big is not bad', analyst discusses regulator's probe in tech giants' role in the cloud sectorCompanies always use multiple cloud service providers, says Brent Thill of Jefferies. He adds that Microsoft and Amazon always "find harmony" with the regulators.

Persons: Brent Thill, Jefferies Organizations: Microsoft

☆ Nvidia is targeting the ad industry as its next major chip-buying market
▼ + stars: | 2023-09-26 | by ( Lara O'Reilly | ) www.businessinsider.com time to read: +5 min

Jamie Allan, Nvidia director of business development for global agencies and advertising. For Nvidia, the advertising industry unlocks access to a client base that includes virtually every single major corporation across every industry. Taboola is using Nvidia GPUs to speed up its natural language processing, which analyzes articles and serves relevant content to users. More recently, it's been using Nvidia and OpenAI technologies to allow advertisers to create images within its platform. Allan said Nvidia intends to be more involved in the advertising industry discourse and help advise companies about the adoption of AI.

Persons: Nvidia's Jamie Allan —, —, Allan, Jamie Allan, Microsoft's Bing, Stephan Pretorius, There's, Adam Singolda, it's, Media.Monks, Jay Pattisall, Forrester, Nvidia, Jensen Huang Organizations: Nvidia, Big Tech, Google, Meta, EMEA, WPP, DENZA, AWS, Adobe, Media.Monks, Oracle, Cannes Lions, pharma, they're

☆ 3 ways the generative AI boom is upending the advertising agency business
▼ + stars: | 2023-09-19 | by ( Lara O'Reilly | ) www.businessinsider.com time to read: +5 min

Here are some of the newest challenges agency leadership teams are discovering as they race to lead AI in advertising. Productivity gains from AI risk undercutting agency feesMany agency bosses have touted the productivity efficiencies AI presents to their companies — from creating lists of search keywords to making tedious work like cataloging invoices less time-consuming. Agencies haven't figured out what to do with the AI talent they've hiredMuch like heads of digital, heads of mobile, and heads of programmatic before them, agency heads of AI are now having their time in the sun. But once such AI talent is sourced, agencies are presented with another dilemma: Where in the organization should a "head of AI" sit? Most businesses have started with this being part of the chief technology officer or the IT department's responsibilities, said Ruben Schreurs, chief strategy officer at the marketing consultancy Ebiquity.

Persons: Nick Coronges, Coronges, waitlists, Lewis Smithingham, Smithingham, Ryan Kangisser, Forrester, Jay Pattisal, haven't, they've, Ruben Schreurs, Richard Robinson Organizations: Google, Nvidia, OpenAI, Microsoft, Big Tech, Productivity, Forrester, Xeim Engage

☆ Wall Street analyst defends Nvidia from 'Twitter randos' spreading bearish conspiracy theory
▼ + stars: | 2023-09-08 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

A conspiracy theory surrounding Nvidia has made the rounds on social media, and a Wall Street firm is having none of it. Bernstein debunked the baseless theory that CoreWeave is a shell company driving much of Nvidia's recent growth. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. And while Nvidia did buy a stake in CoreWeave, it also invested in 10 other AI startups so far this year. He reiterated his "Outperform" rating on Nvidia with a $675 price target, representing potential upside of 46% from current levels.

Persons: Bernstein, Stacy Rasgon, CoreWeave, Rasgon Organizations: Nvidia, Service, Twitter, Magnetar Capital, Blackstone, Blackrock, NVIDIA, Cloud Service Providers Locations: Wall, Silicon, CoreWeave, Texas, FQ2

☆ Jim Cramer says this legacy tech stock is the 'star of the show' in AI. Here's what to expect from its earnings
▼ + stars: | 2023-09-08 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +6 min

In the three months that ended May 31, Oracle cloud infrastructure unit revenue jumped 76% on an annual basis, to $1.4 billion, roughly 10% of the company's total. Analysts at UBS struck a similar tone last week when they also upgraded Oracle stock to buy. We expect that, over time, Oracle's AI execution and growing cloud share should attract new investors to the stock and convince more analysts of its potential. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: holding's, Jim Cramer, Jensen Huang, Jim, OCI, Oracle, —, Jim Cramer's, Tom Brenner Organizations: Oracle, LSEG, Nvidia, Oracle Cloud Infrastructure, Web Services, Google, Barclays, UBS, Wall Street, UBS –, Microsoft, Semiconductor, Broadcom, CNBC Locations: U.S, Wilson, Arlington , Virginia

☆ Big Tech profits are set to surge in the second half: How our 6 stocks stack up
▼ + stars: | 2023-08-29 | by ( Paulina Likos | ) www.cnbc.com time to read: +9 min

Collectively, these six long-term holdings are expected to boost profits by 87% in the second half, up from 27% in the first half, according to estimates from FactSet. Nvidia 1st half earnings growth: 103% 2nd half expected earnings growth: 371% Investor excitement in Nvidia, already high, was lifted even further by the company's recently reported fiscal second quarter , which blew expectations out of the park. Amazon 1st half earnings growth: 266% 2nd half expected earnings growth: 297% The company's second quarter North America segment posted an operating margin of 3.9%, impressing investors like us with a 620-basis-point improvement over the last five quarters. That's why earnings growth for the second half of 2023 looks lighter than the recently reported fiscal fourth quarter of 2023 . Apple 1st half earnings growth: 2% 2nd half expected earning growth: 11% The iPhone maker had a "muted start" to the second half as consumers wait for the September release of the iPhone 15, said analysts at Loop Capital.

Persons: there's, Zev Fima, Morgan Stanley's, Wedbush, Morgan Stanley, Oppenheimer, Jim Cramer's, Jim Cramer, Jim, Jensen Huang, Walid Berrazeg Organizations: Big Tech, Nvidia, Microsoft, Apple, Investing, NVIDIA, Amazon, Meta, Facebook, Meta Connect, Management, Google, YouTube, Bank of America, Loop, CNBC, Getty Locations: FactSet, America, 2H23, Taipei

☆ Nvidia reported another blowout quarter, and analysts don't see that momentum waning
▼ + stars: | 2023-08-24 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

And it's already a popular business: the company reported $10.32 billion in data center revenue, reflecting a 171% increase from the same quarter a year ago. Roy also raised his price target for shares to $600, which reflects a 27.3% jump from Wednesday's close. If met, that price target equates to a more than 310% gain from where the stock finished 2022. Bank of America's Vivek Arya hiked his price target to $650 from $550, and Atif Malik of Citi now expects the stock to go to $630. In addition to the data center business, Goldman's Hari pointed to improving supply as a reason to be optimistic that there's still upside ahead.

Persons: Refinitiv, Ruben Roy, Roy, Wells, Aaron Rakers, Goldman Sachs, Toshiya Hari, America's Vivek Arya, Atif Malik, Goldman's Hari, BofA's Arya, Hari, Ross Seymore, he'd, NVDA, Michael Bloom Organizations: Nvidia, Bank, America's, Citi, Deutsche Bank Locations: Wells Fargo

☆ Nvidia's blowout earnings report shows chipmaker is gobbling up all the profit in AI
▼ + stars: | 2023-08-23 | by ( Kif Leswing | ) www.cnbc.com time to read: +4 min

About half of Nvidia's data center revenue comes from cloud providers, followed by big internet companies. The growth in Nvidia's data center business was in "compute," or AI chips, which grew 195% during the quarter, more than the overall business's growth of 171%. Some startups have even gone into debt to buy Nvidia GPUs in hopes of renting them out for a profit in the coming months. On an earnings call with analysts, Nvidia officials gave some perspective about why its data center chips are so profitable. Nvidia's AI software, called Cuda, is cited by analysts as the primary reason why customers can't easily switch to competitors like AMD .

Persons: Jen, Hsun Huang, Huang, Chaim Siegel, Elazar, OpenAI, Meta, Colette Kress, Raymond James, H100s, Jensen Huang Organizations: Consumer, Audi, Nvidia, Elazar Advisors, Microsoft, AMD, Center Locations: Las Vegas, USA

☆ Nvidia again proves it's an 'own it, don't trade it' stock after delivering another blowout quarter
▼ + stars: | 2023-08-23 | by ( Jeff Marks | ) www.cnbc.com time to read: +10 min

"During the quarter, major cloud service providers announced massive NVIDIA H100 AI infrastructures. Leading enterprise IT system and software providers announced partnerships to bring NVIDIA AI to every industry. Quarterly commentary Data-center revenue in the quarter — comprising 76% of total revenue — reached a new record, more than doubling from a year ago and on a sequential basis. However, revenue was up sequentially on improved demand for Nvidia's enterprise workstation and the ramp of Nvidia RTX products. Nvidia said it bought back $3.28 billion worth of stock during its second quarter.

Persons: chipmaker, —, Jensen Huang, Jensen, Wall, there's, Jim Cramer's, Jim Cramer, Jim, Walid Berrazeg Organizations: Nvidia, Revenue, Club, Analysts, UBS, NVIDIA, Microsoft, Oracle, Ampere, Gaming, Truist, Jim Cramer's Charitable, CNBC, Getty Locations: China, Taiwan

☆ After Nvidia's last 'shock-and awe' earnings, here's what Wall Street expects from the 2nd-quarter report
▼ + stars: | 2023-08-21 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

Investors are awaiting Nvidia's second-quarter earnings report after the market close on Wednesday. Here's what Wall Street expects from Nvidia's upcoming earnings report. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. They've got so many customers," Tesla CEO Elon Musk said during Tesla's second-quarter earnings call in July. Here's what the Wall Street analysts are saying about Nvidia's upcoming earnings report.

Persons: They've, Elon Musk, Tesla's, BofA, Goldman Sachs Organizations: Service, Nvidia, Wall Street, Barclays, AMD, Bank of America, SOX Locations: Wall, Silicon, YahooFinance, Asia

☆ Lenovo Q1 revenue misses forecasts, hit by poor PC demand
▼ + stars: | 2023-08-17 | by ( Josh Ye | ) www.reuters.com time to read: +3 min

The world's largest PC maker has now suffered four consecutive quarters of sales declines. Revenue in the April-June quarter fell to $12.9 billion, below a $13.84 billion average of seven analyst estimates compiled by Refinitiv. Lenovo shares in Hong Kong fell as much as 6% after the result but recouped some losses to trade down 2.9%, while the benchmark index (.HSI) gained 0.9%. However, revenue started contracting last year as demand began to fall, weighed down by rising interest rates and soaring inflation. "The group’s PC business is stabilizing and well-positioned for a year-on-year recovery in the later part of 2023," Lenovo said in a statement.

Persons: Thomas White, HSI, Yang Yuanqing, he's, Yang, Josh Ye, Miyoung Kim, Lincoln, Sonali Paul Organizations: Lenovo, REUTERS, HK, Revenue, Refinitiv, Global, Thomson Locations: HONG KONG, Hong Kong, China

☆ Microsoft's role in data breach part of US cyber inquiry -Bloomberg News
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +1 min

A Microsoft logo is seen in Los Angeles, California U.S. November 7, 2017. REUTERS/Lucy Nicholson/File PhotoCompanies Microsoft Corp FollowAug 10 (Reuters) - A U.S. cybersecurity advisory panel will investigate risks in cloud computing that will also include Microsoft Corp's (MSFT.O) role in the recent breach of government department email systems by suspected Chinese hackers, Bloomberg News reported on Thursday. That access was used to spy on the communications of U.S. Commerce Secretary Gina Raimondo and senior State Department diplomats. The U.S. House of Representatives Oversight Committee last week said it was opening an investigation into China's suspected involvement in recent breaches of Commerce and State department email systems. Reporting by Gokul Pisharody in Bengaluru; Editing by Himani Sarkar and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Lucy Nicholson, Ron Wyden, Gina Raimondo, CISA, Gokul, Himani Sarkar, Jamie Freed Organizations: Microsoft, Los Angeles , California U.S, REUTERS, Bloomberg, Federal Trade Commission, Infrastructure Security Agency, Justice Department, U.S . Commerce, State Department, U.S . House, Commerce, Thomson Locations: Los Angeles , California, U.S, Oregon, Bengaluru

☆ Nvidia unveils an update to a new A.I. chip that hasn't even shipped yet — an aggressive move to keep its crown
▼ + stars: | 2023-08-09 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +9 min

"No one is coming for Nvidia on AI, period, any time soon," Stifel analyst Ruben Roy told CNBC in an interview Wednesday. The new version of Grace Hopper primarily delivers improvements in memory capacity and bandwidth compared with the first-generation product. In practice, improving the memory capacity and bandwidth of the Grace Hopper Superchip should help AI applications run more efficiently and smoothly. Volume production of the improved Grace Hopper Superchip is expected in the second quarter of 2024, according to Nvidia. Open-source software Nvidia's closed-source CUDA software platform – along with a library of pre-trained AI models — has helped establish the company's AI dominance.

Persons: it's, Grace Hopper Superchip, Ruben Roy, Grace Hopper, ChatGPT, Roy, Hopper, Nvidia, Pat Gelsinger, Nvidia's, Omniverse, Jim Cramer, Nvidia hasn't, Jim, enabler —, Jim Cramer's, Jensen Huang, Walid Berrazeg Organizations: Nvidia, Club, Devices, CNBC, Microsoft, Bank of America, AMD, Nvidia DGX, Intel, BMW, Computer, Getty Locations: Taipei

☆ Western Digital's first-quarter forecast disappoints as weak cloud demand weighs
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +2 min

July 31 (Reuters) - Memory chipmaker Western Digital Corp (WDC.O) forecast a bigger-than-expected loss in the first quarter and revenue below Wall Street targets on Monday as weak demand, mainly for its cloud business, forces it to cut production. Cloud companies will take another "couple of quarters" to clear out excess inventory, finance chief Wissam Jabre said in June. Western Digital forecast its adjusted loss per share to be in the range of $2.10 to $1.80, compared to an estimated loss of $1.40 per share. It also forecast revenue for the same period below estimates. Rival Seagate Technology (STX.O) also forecast downbeat revenue for its first quarter last week, on weakness in major market China and lower tech spending.

Persons: Wissam Jabre, David Goeckeler, Goeckeler, Chavi Mehta, Stephen Nellis, Pooja Desai Organizations: Digital Corp, Seagate Technology, Western Digital, Samsung Electronics, SK Hynix, Thomson Locations: China, South, Bengaluru, San Francisco

☆ Juniper Networks sees weak third-quarter revenue on lower cloud spending
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +1 min

July 13 (Reuters) - Juniper Networks (JNPR.N) forecast third-quarter revenue below market estimates on Thursday on lower spending by cloud computing clients in a turbulent economy, sending the shares of the networking equipment maker down 6% after the bell. Cloud service providers have been cutting back on orders for infrastructure equipment such as routers and switches in a blow for companies like Juniper Networks due to an overall drop in tech spending. Juniper, which also provides network management software for companies like AT&T, Seagate and BlackBerry, said it expects revenue of about $1.38 billion, plus or minus $50 million, in the third quarter. It forecast adjusted earnings per share of 54 cents, plus or minus 5 cents, which was below expectations of 62 cents. On an adjusted basis, the company earned 58 cents per share, compared with estimates of 55 cents.

Persons: Rami Rahim, Zaheer Kachwala, Pooja Desai, Arun Koyyur Organizations: Juniper Networks, Seagate, BlackBerry, Thomson

☆ Alphabet profit beats expectations, CFO Porat to assume new role
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +1 min

July 25 (Reuters) - Alphabet's (GOOGL.O) second-quarter profit exceeded Wall Street expectations on Tuesday and the Google parent announced that its long-time CFO Ruth Porat would assume a new role while the company sought a new finance chief. Porat, hired in 2015, is one of Silicon Valley's most prominent female executives and oversaw tremendous growth at Alphabet. Google Cloud, which is among the biggest cloud service providers, is expected to benefit from growth driven by strong adoption of artificial intelligence tools. The company reported net profit of $1.44 per share for the April-June period, compared with estimates of $1.34 per share. Revenue for the quarter stood at $74.6 billion, compared with estimates of $72.82 billion, according to Refinitiv data.

Persons: Ruth Porat, Akash Sriram, Arun Koyyur, Matthew Lewis Organizations: Google, Meta, Revenue, Thomson Locations: Bengaluru

☆ New IT spending survey bodes well for 7 tech stocks in A.I. to cloud to cybersecurity
▼ + stars: | 2023-07-12 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

Analysts at Morgan Stanley published the results of their second-quarter CIO survey, providing valuable insight into information technology budget expectations. Cloud and cybersecurity Digging a bit deeper, the survey reveals that cloud computing and security software remain the top two priorities for CIOs followed by artificial intelligence/machine learning. The analysts singled out Microsoft as the most exposed to the two major themes of the survey — generative AI via ChatGPT and cloud consumption via Azure. Cloud and AI enablers All of this also bodes well for the names that make cloud computing, generative AI, and LLMs possible. Importantly, the demand is not only coming from cloud service providers (CSPs) but also from enterprise players and AI startups.

Persons: Morgan Stanley, Bard, Dell, Salesforce, Jim Cramer's, Jim Cramer, Jim, Bing, Jonathan Raa Organizations: Microsoft, Google, Web Services, Club, Software, Hewlett Packard Enterprise, Palo Alto Networks, Alto, Nvidia, Devices, AMD, CNBC, Nurphoto, Getty

☆ We know A.I. is big for Nvidia. But new estimates of just how big are staggering
▼ + stars: | 2023-07-10 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +7 min

NVDA YTD mountain Nvidia YTD performance Nvidia shares have, of course, been a stellar performer so far this year due in large part to its AI dominance. To estimate Nvidia's AI revenue opportunity, Goldman broke it down into two computing categories: training and inference. Here's a chart that shows how Goldman sees Nvidia's AI revenue opportunities shaking out from calendar year 2023 through calendar 2025 in each category. To put Goldman's AI computing revenue estimates into perspective: Nvidia's entire companywide revenue over the past three fiscal years totaled $70.5 billion. Goldman's fresh look at the AI opportunity also served as the basis for boosted earnings estimates for Nvidia.

Persons: Goldman Sachs, Jim Cramer, Jim, NVDA, Goldman —, Goldman, Jensen Huang, Biden, Colette Kress, — Goldman, Jim Cramer's, Justin Sullivan Organizations: Nvidia, Apple, Goldman, CNBC Locations: China

☆ The US could restrict Chinese companies from using cloud service providers like Amazon and Microsoft
▼ + stars: | 2023-07-04 | by ( Thomas Maxwell | ) www.businessinsider.com time to read: +2 min

Chinese companies currently cannot purchase advanced chipsets from companies like Nvidia. The Biden administration could restrict block US-based cloud providers from supplying their services to Chinese companies, the Wall Street Journal reported. These new restrictions could curb American cloud providers like Amazon Web Services and Microsoft from selling cloud access to AI developers in China. Chinese companies could still train complex AI programs by renting resources from the likes of AWS or Microsoft, both of which offer cloud services in China and compete with Chinese cloud providers like Alibaba. The White House, Commerce Department, Nvidia, Microsoft, and Amazon did not immediately respond to Insider's requests for comment.

Persons: Biden Organizations: Wall Street Journal, Nvidia, US, Morning, Amazon Web Services, Microsoft, Huawei, , Commerce Department, Amazon Locations: China, American, Montana

☆ Here are Wednesday's biggest analyst calls: Delta, Netflix, Pinterest, Nvidia, Pepsi, Deere, Nike and more
▼ + stars: | 2023-06-28 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Goldman Sachs reiterates Snowflake as buy Goldman said it's standing by its buy rating after the company's investor day. JPMorgan reiterates Pepsi as overweight JPMorgan said Pepsi is a "safe haven" heading into earnings in July. Wells Fargo upgrades Pinterest to overweight from equal weight Wells Fargo said it sees "above-consensus revenue growth" for Pinterest. Deutsche Bank downgrades Walgreens to hold from buy Deutsche Bank downgraded the stock after its disappointing earnings results earlier this week. Deutsche Bank initiates Western Alliance as hold Deutsche Bank said the regional bank's "funding pressures persist."

Persons: Goldman Sachs, Goldman, Snowflake, it's, Wells, Wells Fargo, Daiwa downgrades Uber, EBITDA, Deere, Canaccord, Oppenheimer, Morgan Stanley, CarMax, Needham, CFRA, KeyBanc Organizations: Nvidia, JPMorgan, Pepsi, Nike, Netflix, Deutsche Bank, Walgreens, RBC, Western Alliance, KMX, Delta, Barclays, Bank of America, Old Dominion, of America, Dominion, ZoomInfo Technologies, Lincoln, EV Locations: China, NVDA, Canada, Old

☆ What the potential U.S. ban of A.I. chips to China could mean for Nvidia
▼ + stars: | 2023-06-28 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Shares of Nvidia were under pressure as investors weighed the effect of potential new restrictions on exports of artificial intelligence chips to China, but Wall Street is still upbeat on the stock. Several analysts are projecting China could be between 10% and 15% of Nvidia's data center revenue this year. Evercore ISI maintained its outperform rating on the stock and called the news "a little speed bump on the AI highway." In the near term, Nvidia should be able to ship the current backlog, Prisco said in the Tuesday note. NVDA YTD mountain Nvidia year-to-date Citi analysts also said they believe AI demand will exceed supply this year and that Nvidia "can move its chips around."

Persons: Biden, Goldman Sachs, Toshiya Hari, Evercore, Matthew Prisco, Prisco, CNBC's Michael Bloom Organizations: Nvidia, Wall Street Journal, Bank of America, ISI, Citi, " Bank of America Locations: China, Hong Kong, NVDA

The S & P 500 is up nearly 14% year to date, putting it on track for its best first-half performance since 2021. In fact, three of the best-performing S & P 500 stocks in the first half rode the wave more than most: Nvidia , Meta Platforms and Tesla . All three stocks have at least doubled year to date, with Nvidia leading the way. The chipmaker is up more than 180% in 2023, while Meta and Tesla are up 137% and 107%, respectively. Nvidia has quickly become an AI darling on Wall Street, with many analysts calling it the best way to gain exposure to the burgeoning trend due to its chips.

Persons: it's, Tesla, Goldman Sachs, Toshiya Hari, Mark Zuckerberg, — CNBC's Michael Bloom Organizations: Federal Reserve, Nvidia, Meta, Street Journal Locations: U.S, China, NVDA

☆ EU countries, lawmakers reach data rule deal targeting Big Tech
▼ + stars: | 2023-06-27 | by ( Foo Yun Chee | ) www.reuters.com time to read: +3 min

BRUSSELS, June 27 (Reuters) - EU countries and EU lawmakers on Tuesday agreed on rules that govern how Big Tech and other companies use European consumer and corporate data, with safeguards against non-EU governments gaining illegal access. The European Commission proposed the Data Act last year to cover data generated in smart gadgets, machinery and consumer products, part of a raft of legislation aimed at curbing the power of U.S. tech giants. EU concerns about data transfers have grown following revelations by former U.S. intelligence contractor Edward Snowden in 2013 of mass U.S. surveillance. "Tonight's agreement on the Data Act is a milestone in reshaping the digital space...we are on the way of a thriving EU data economy that is innovative and open — on our conditions," EU industry chief Thierry Breton said in a tweet. It also gives consumers and companies a say on what can be done with the data generated by their connected products.

Persons: Edward Snowden, Thierry Breton, Damian Boeselager, Guido Lobrano, Foo Yun Chee, David Gregorio, Lincoln Organizations: Big Tech, EU, European Commission, Manufacturers, Siemens, SAP, Information Technology Industry, ITI, Thomson Locations: BRUSSELS, Europe

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