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On November 20th, Nvidia (NVDA.O) released its Q3 fiscal quarter results. Sales of its chips, a core component of the artificial intelligence (AI) boom, exceeded Wall Street expectations, and the company provided a strong revenue forecast for the quarter, leading investors to believe the AI investment frenzy will continue. The Q3 report showed revenue of $57 billion, a 62% year-over-year increase. Data center revenue reached $51.2 billion, higher than the expected $49 billion. Furthermore, its Q4 revenue outlook was approximately $65 billion, significantly higher than the average analyst estimate of $61.6 billion. Following the earnings release, Nvidias (NVDA.O) after-hours stock price rose more than 4%. Nvidia CEO Jensen Huang stated, "Blackwell sales are phenomenal, and cloud GPUs are completely sold out." Previously, Huang had downplayed concerns about an AI bubble.On November 20th, Ukrainian President Volodymyr Zelenskyy visited Turkey and met with President Recep Tayyip Erdoğan to seek the resumption of peace talks with Russia. Following the meeting, Zelenskyy posted a statement suggesting that only the United States and President Trump possess the capability to end the Russia-Ukraine conflict. Two sources familiar with the matter stated that the United States has presented Ukraine with a series of proposals to end the war, requiring Ukraine to accept a ceasefire framework proposed by the US, including the relinquishment of some territory and a reduction in the size of its armed forces. However, a Ukrainian source indicated that although Ukraine has received the US proposals, it does not intend to participate.Nvidias (NVDA.O) surge boosted after-hours trading in US chip stocks, with AMD (AMD.O), TSMC (TSM.N), and Micron Technology (MU.O) all rising by around 3%.According to AXIOS: A U.S. official said regarding a potential Russia-Ukraine peace plan that, despite being under Russian control, the Donbas region after the withdrawal of Ukrainian troops would still be considered a demilitarized zone, and Russia would not be allowed to deploy troops there.Nvidia (NVDA.O): H20 product sales were negligible in the third quarter.

In response to China's stimulus, gold recovers sharply from a six-week low, while copper prices rise

Aria Thomas

Sep 06, 2022 11:22

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On Tuesday, gold prices dramatically rallied from a six-week low as a worsening energy crisis in Europe increased demand for safe-haven assets, while copper extended gains in anticipation of fresh Chinese stimulus measures.


Spot gold jumped 0.5% to $1,718.95 per ounce by 21:03 ET, while gold futures rose 0.5% to $1,730.0 per ounce (01:03 GMT). Both instruments rallied from a six-week low early in the month.


After Russia severed a crucial gas pipeline to Europe, putting the area at risk of a severe energy crisis, the demand for conventional safe havens rose. The euro reached new 20-year lows this week, as the crisis is expected to have a substantial impact on economic growth in the eurozone. It is largely anticipated that the European Central Bank will begin to hike interest rates at a meeting later this week.


As traders awaited additional clarity on the future of U.S. monetary policy, Tuesday's dollar index rally appeared to have stopped. However, expectations of future Federal Reserve rate hikes bolstered the dollar's position near 20-year highs.


This year, rising interest rates have had a negative impact on gold prices, as speculators have sought higher yields from the dollar and Treasuries. In addition, it is largely expected that the Federal Reserve will maintain its rate-hiking pace this month.


In addition, other precious metals rose significantly on Tuesday. Platinum jumped by 0.6%, while silver rose by 2%. Both metals rebounded from their 15-month lows.


Copper prices climbed 0.2% among industrial metals, with gains continuing after China hinted at an expansion of economic stimulus measures.


Copper Futures expiring in December rose 0.2% to $3.4665 a pound on Tuesday, following a roughly 2% increase on Monday.


As the economy barely grew in the second quarter, Chinese government authorities announced on Monday that the country would likely enhance its pace of stimulus measures in the third quarter.


This year, the second-largest economy in the world confronts significant headwinds from COVID-19 lockdowns and a probable energy crisis.

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