Markets
Nikkei 225
40,109.23
▲ +198.41 / +0.5%
SSE Composite
3,039.31
▲ +12.28 / +0.41%
IBOVESPA
128,756.44
▼ -423.93 / -0.33%
Straits Times
3,122.21
▼ -13.55 / -0.43%
BMV IPC
55,553.22
▲ +16.90 / +0.03%
Dow Jones
38,998.57
▼ -88.81 / -0.23%
DAX 30
17,716.17
▼ -18.90 / -0.11%
BSE SENSEX
73,872.29
▲ +66.14 / +0.09%
FTSE 100
7,640.33
▼ -42.17 / -0.55%
JSE Top 40
66,177.64
▼ -159.79 / -0.24%
Last Week’s Highlights
Nvidia crosses $2 trillion in market cap
Nvidia’s stock market value closed above $2 trillion for the first time on Friday, making it Wall Street’s third most valuable company behind Microsoft and Apple. The rally was fueled by an upbeat report from Dell Technologies, which pointed to a surge in orders for its AI-optimized servers made with Nvidia’s processors. Nvidia controls about 80% of the high-end AI chip market, with customers including Microsoft, Alphabet, and Meta Platforms. The PHLX chip index rallied 4.3% to its own record high, lifting its 2024 gain to 18%. Nvidia’s stock has now risen 66% in 2024 after more than tripling last year.
NYCB plunges after loan review disclosure
New York Community Bancorp shares fell by 26% on Friday after it replaced its CEO, reported a higher-than-expected loss, and identified “material weaknesses” in internal controls. The bank revised its quarterly loss to $2.7 billion, citing a $2.4 billion goodwill impairment tied to transactions from 2007 and before. The bank’s market value fell by nearly $900 million, bringing its total loss of market capitalization to almost $5 billion since Jan. 31. The bank has been under pressure since it cut its dividend and posted a surprise fourth-quarter loss on Jan. 31, citing higher provisions tied to Commercial Real Estate loans.
Coming Up This Week
Dell’s upbeat forecasts on AI server demand
Dell Technologies has forecast its annual revenue and profit above Wall Street estimates, driven by demand for its artificial intelligence servers. Dell is benefiting from rising demand for its AI servers equipped with Nvidia’s graphics processing units (GPUs). The PC market is also showing signs of recovery following a slowdown in revenue. Dell expects revenue between $91 billion to $95 billion for its current fiscal year, the mid-point of which is above analysts’ average estimate of $92.07 billion. It expects annual adjusted earnings per share of $7.50 plus or minus $0.25, compared with the estimate of $7.15.
Bitcoin goes above $65k and aims at new record high
Bitcoin has surged to a two-year high reaching over $65,000 as a wave of money carried it within striking distance of record levels. The largest cryptocurrency by market value has gained 50% this year, and most of the rise has come in the last few weeks where inflows into U.S.-listed bitcoin funds have surged. Net flows into the 10 largest U.S. spot bitcoin funds reached $2.17 billion in the week to Mar 1. Smaller rival ether has also surged and was trading at two-year highs, up 2.6% on the day at $3,518. This rally has come in tandem with records tumbling on stock indexes from Japan’s Nikkei to the S&P 500 and tech-heavy Nasdaq.
