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The United Business Group of Thailand maintains its GDP growth forecast for Thailand in 2026 at between 1.2% and 1.6%.On May 19th, Naomi Fink, Chief Global Strategist at Amova Asset Management, stated in a report that Japans stronger-than-expected first-quarter GDP data reflects an improvement in the breadth and quality of economic growth, particularly a rebound in domestic demand. She noted that the broad-based growth in domestic demand indicates that inflation is spreading. Fink stated that Japans export growth remained strong in the first quarter, supported by a global technology spending boom, although it may face pressure in the coming quarters as the effects of the Middle East energy shock spread to the global economy and worsen terms of trade. She suggested that the market will focus on whether government investment is focused on long-term capacity building rather than crowding out private investment, and will examine the credibility of public spending plans in differentiating between public and private investment priorities.On May 19th, Tencent WorkBuddy officially launched its One-Person Company Incentive Program, offering 30 million WorkBuddy Credits (built-in model usage credits, worth millions of yuan) to global entrepreneurs, OPCs, and other deep WorkBuddy users. Users receiving this incentive can directly use their AI credits within WorkBuddy to help improve efficiency and innovation in their own businesses.On May 19th, it was reported that Ronshine China (03301.HK)s domestic debt restructuring plan has still not been launched as scheduled. Recently, Ronshine (Fujian) Investment Group Co., Ltd., the main domestic bond issuer of Ronshine China, issued an announcement stating that a bondholder meeting for eight bonds, including "H20 Ronshine 1," is scheduled for May 20th to review proposals regarding exemption from notification deadlines, extending grace periods, and early cash repayment arrangements. Recently, Ronshine again informed investors that this extension of the grace period is to allow more time for the formulation of the restructuring plan, which is expected to be launched in June this year. The restructuring plan offers investors options including cash, long-term bonds, and asset trust units, with the trust assets having third-party valuation reports.Samsung Electronics shares narrowed their losses to 1.3%, after falling as much as 4.3% earlier.

Nvidia's Third-Quarter Revenues Rise Due to High Data Center Demand

Aria Thomas

Nov 17, 2022 15:30

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Chip designer and computing giant Nvidia (NASDAQ:NVDA) Corp exceeded third-quarter revenue expectations on Wednesday due to healthy demand in its data center business in the wake of growing cloud adoption.


Data center revenue climbed 31% year-over-year during the third quarter, but gaming revenue plummeted 51% year-over-year. Nvidia's shares increased by 1% in after-hours trading.


Cloud firms increasingly utilize Nvidia processors in their systems. The firm is cooperating with Microsoft Corporation (NASDAQ:MSFT) to construct a "large" cloud-based artificial intelligence computer.


In an October note, stockbroker Jefferies estimated that Nvidia's market share of so-called accelerator chips within the infrastructure of the world's six major clouds climbed to 85 percent as of August.


While U.S. export restrictions have been a cause for worry, Nvidia's production of the A800, a scaled-down version of the A100 that complies with the most recent export control laws, has mitigated the financial effect.


And Nvidia's chief financial officer, Colette Kress, noted that while export restrictions had an impact on revenue during the third quarter, the decline was "roughly offset" by alternative product sales into China.


"The U.S. Department of Commerce's export embargo benefited Nvidia as Chinese clients began stockpiling its Datacenter GPUs," said Kinngai Chan of Summit Insights Group, who upgraded the stock from "hold" to "buy."


When asked if the A800 chip also met the spirit of China's export restrictions, Nvidia's chief executive Jensen Huang responded, "it meets both the text and spirit of the test."


Officials from the chip sector have questioned whether Nvidia has reviewed the adjustments with the Commerce Department. Nvidia had previously declined to comment on this subject.


Gaming, a traditionally important income generator for Nvidia, was badly impacted by weak consumer demand and a change in how Ethereum digital currency is created.


"This may have contributed to increased aftermarket sales of our GPUs in some regions, which may have impacted demand for some of our low-end products," Kress stated.


Nvidia GPU processors have been in great demand for crypto currency mining, but a drop in the crypto market is diminishing demand. CEO Huang remarked that he does not expect blockchain to play a major part in the company's future.


Adjusted revenues for the quarter ended on October 30 amounted to $5.93 billion. The average revenue forecast by analysts, according to Refinitiv data, was $5.77 billion.


Nvidia anticipates sales for the current quarter of $6 billion, plus or minus 2%, compared to the consensus estimate of $6.09 billion.

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