Nvidia (NVDA)
Nvidia shares surged 6% in Thursday trading and continued to rise in premarket trading as tech stocks led the market recovery.
As of Thursday, Nvidia's shares had fallen by around 25%, shedding more than $750bn (£588bn) from its peak in June, amid worries that AI deals were losing steam and growing concerns about the US economy.
Analysts are downplaying recent reports that the launch of Nvidia's next-generation chip, Blackwell, may be delayed.
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“We still feel there is urgent demand overall, mitigating the risk of shipments pausing while customers wait for bulk supplies of next-generation chips,” Antoine Choucairn, tech infrastructure analyst at New Street Research, told Yahoo Finance on Thursday.
Bitcoin was trading above $60,000 after a sharp correction that saw its price drop below $50,000. The original cryptocurrency continued its rally from Thursday, rising 5.3% to briefly surpass $62,000.
Some traders believe the sharp reversal suggests the recent price decline may have been a bear market trap. “What a crazy week it's been. Possibly the most epic bear market I've ever seen,” anonymous crypto trader Byzantine General wrote in a post on X.
Justin Dannetan, head of business development for Asia Pacific at crypto market maker Keylock, said macro factors “will continue to weigh on risk assets” in the medium term, adding that the unwinding of the yen carry trade “is not something that will be resolved in a few days.”
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The cryptocurrency market crashed on Monday, marking one of the worst sell-offs in the sector since the two leading crypto assets went mainstream with the launch of U.S. spot bitcoin and spot ethereum exchange-traded funds in January and July, respectively.
Taiwan Semiconductor Manufacturing Co. (TSMC) revenue rose 45% in July as AI demand continued to drive growth for the chipmaker.
The story continues
TSMC's consolidated revenue reached approximately NT$256.95 billion (GBP6.19 billion/US$7.91 billion) in July, up 23.6% from June and a massive 44.7% increase from the same period in 2023, setting a new monthly record.
That was an even bigger year-over-year increase for the contract chipmaker than the previous month's figure and helped spark a rally in chip stocks as investors gauge strong demand for artificial intelligence hardware.
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TSMC expects third-quarter revenue to reach $22.4 billion to $23.2 billion, representing growth of 7.58% to 11.43% sequentially.
The company is the sole supplier of processors for Apple's (AAPL) iPhones and is also the go-to chipmaker for major tech companies like Nvidia and AMD (AMD).
Hargreaves Lansdown (HL.L)
Hargreaves Lansdown has agreed a £5.44 billion takeover bid from a consortium including buyout giant CVC Capital Partners and an Abu Dhabi wealth fund.
The company said the deal would see Hargreaves Lansdown shareholders receive 1,110 pence per share plus a dividend of 30 pence per share.
In a statement, Hargreaves Lansdown chair Alison Pratt said the proposed acquisition “represents a compelling opportunity for HL shareholders”.
The group of bidders includes buyout giant CVC, Nordic Capital and Platinum Ivy, a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA). The consortium is equally owned by the three companies.
Hargreaves also announced its full year results today, showing total revenue up 4% to £765 million and pre-tax profits down 2% to £396 million.
A dividend of 43.2 pence was declared.
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