Hey Global Investor, here's what you need to know before the US markets open.
Market Snapshot 📈
S&P 500 (Tuesday Close) 3,389.78 +7.79 (0.23%)
NASDAQ (Tuesday Close) 11,210.84 +81.12 (0.73%)
FTSE 100 (5 PM IST) 6088.13 +11.51 (+0.18%)
NIFTY 50 (Today's Close) 11,408.40 +23.05 (0.20%)
USDINR (5 PM IST) 74.83 (1 Year +4.37%)
Nvidia has a Chip on its Shoulder!
Nvidia surpassed Intel as the largest chip maker, with its shares surging 100% this year, while Intel’s dropped 20%.
What Happened? Nvidia Corp heads into today’s earnings call as the largest chipmaker in the US with a market cap of $300B. The company’s relentless march forward is in contrast with Intel’s going on the backfoot. Intel recently announced manufacturing-related delays in its next-generation 7-nanometer chips, due to which, the chip won’t see the light of day at least until late 2022.
Market analysts expect Nvidia’s data center sales for the quarter to outdo videogame sales for the first time. The data-center business is projected to generate revenue of $1.62B, compared to the videogame segment’s $1.43B. The company has posted a negative quarter only thrice since 2010, and there are no indications this will turn out to be the unwanted fourth. Wall Street consensus estimate calls for profits of $1.02 a share.
On the other hand, it has been a tough year for Intel. The company’s plans to outsource the manufacturing of chips and production delays have not gone down well with investors. Intel last hit the $300B market cap back in November 2000 and has been losing ground the last two decades. The company is currently worth $206.9B
Market Reaction: Nvidia closed 0.62% lower at $490.43 and is up 0.81% before hours. Intel has slipped 0.57% to close at $48.65
NVIDIA Snapshot 📈
NVDA $490.43 -3.05 (-0.62%)
Analyst Rating (40 Ratings) BUY 80% HOLD 15% SELL 5%
Newsworthy 📰
Mix It Up!: Netflix is testing a ‘Shuffle’ button, because you’re tired of picking what to watch’ (NFLX +1.97%)
Worth a Punt?: Why Oracle’s bid for TikTok might not be as crazy as it sounds (ORCL +2.20%)
A Long Time Coming: EA Play subscription service is coming to Steam on August 31st (EA +1.52%)
Later Today 🕒
10.30 pm IST: San Francisco Fed President Mary Daly speaks
11.30 pm IST: FOMC minutes
12.30 am IST (August 20): Richmond Fed President Tom Barkin speaks
Before Market Open: Lowe's Companies Inc. earnings
After Market Close: Nvidia Corp. earnings
Fun Fact of The Day 🌞
The most expensive pizza in the world costs $12,000
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