Nvidia Beat the Expectation in Third Quarter Revenue
Chip designer and computing firm Nvidia exceeded expectations for third-quarter revenue on Wednesday as a result of strong demand in its data center business as a result of growing cloud adoption.
Revenue from data centers increased 31% year over year in the third quarter, while revenue from gaming decreased 51%. Shares of Nvidia increased 1% in after-hours trading.
MACROECONOMIC DATA ANALYSIS
Former Bank of Japan (BOJ) deputy governor Hiroshi Nakaso said on Thursday that once financial crises are over, central banks must remove emergency support measures to prevent creating a moral hazard in the market. A central bank could more easily normalize ultra-loose monetary policy once an economy was operating below its potential, according to Nakaso, who is one of the leading candidates to succeed the current BOJ governor.
The last quarter saw Thailand's economy expands at its fastest rate in more than a year, helped by a rebound in tourism and private consumption. However, a Reuters poll predicted that risks of a global economic slowdown would cloud the outlook. The COVID-19 pandemic provided Thailand's struggling economy with a lifeline thanks to the recent recovery in tourism, which contributes about 12% of the GDP. Still, China's economic woes have cast a shadow over the country's future.
The U.S. dollar strengthened on Thursday as strong U.S. retail data challenged the recent thesis that inflation is declining and U.S. interest rates do not need to increase significantly more. The Dollar Index, which tracks the greenback against a basket of six other currencies, rose by 0.09% to 106.252.
Gold prices declined after touching a resistance level on Thursday as fears of an escalation in the Russia-Ukraine conflict faded, while copper prices fell further on concerns about a COVID outbreak in China.
Bullion prices experienced profit taking after strong gains in four of the previous five sessions, but were still trading near a three-month high. Gold prices fell by 0.47% to $1,767 per ounce.
Oil prices fell further on Thursday as concerns about geopolitical tensions eased while rising COVID-19 cases in China exacerbated demand concerns in the world's largest crude importer. Brent crude futures dropped by 0.84% to $92.12 a barrel, while West Texas Intermediate crude slid by 1.09% to $84.66 a barrel.
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The base oil division of Saudi Arabia's Aramco expects to raise up to 4.95 billion riyals ($1.32 billion) from its IPO, according to a statement released on Sunday.
According to a statement from Luberef, the company will sell 50.045 million shares, or close to 30% of its issued share capital, for a price ranging between 91 and 99 riyals each.
In stark contrast to the United States and Europe where global banks have been reducing headcount in a dealmaking drought, state-led IPO programs in Saudi Arabia, Abu Dhabi, and Dubai have held equity capital markets in the gulf region.
According to a Platformer report, e-commerce giant Amazon intends to restart advertising on Twitter at a cost of about $100 million per year, subject to some security adjustments to the social media company's ad platform.
Elon Musk, the CEO of Twitter, also claimed that Apple has resumed running advertisements on the service, according to a Bloomberg report, which cited remarks made on Saturday during a Twitter Spaces conversation.