Every day, we handpick the 5 Top Stories stock market investors need to know. In 5 minutes, you’ll learn the stocks, CEOs, and money managers moving markets.
Nvidia Soars
“A new computing era has begun,” according to Nvidia [NVDA] CEO Jensen Huang, in a statement accompanying the company’s stellar Q2 earnings. Revenue jumped to $13.5bn, and the firm said it expects revenue of some $16bn for the present quarter. Shares rose by 8.7% in early trading. Asian semiconductor stocks rose with the tide: shares in Taiwan Semiconductor Manufacturing Company [TSM] were up by as much as 1.8%, while Samsung Electronics [005930.KS] and SK Hynix [000660.KS] logged respective gains of 2.2% and 2.3%.
Naver Pops on New AI Offering
Naver [035420.KS] shares rose by as much as 9.1% — their best intraday action this year — after the South Korean tech leader unveiled several generative artificial intelligence (AI) services on Thursday, among them its answer to ChatGPT. Twilio [TWLO] is to launch new AI features in its data management suite; one of them will generate suggestions about marketing strategy. A recent IDC report shows Twilio has the highest market share among customer data platforms, although only by a modest 10% margin.
Vinfast’s Vast Wins
Troubled electric vehicle start-up Vinfast Auto [VFS] has added some $50bn to its value this week, giving it a bigger market capitalisation than Ford [F], among others. This performance has baffled analysts, with well-known short-seller Jim Chanos calling its valuation “insane”. The firm went public via a SPAC earlier this month; Bloomberg reports that Pham Nhat Vuong, Vietnam’s richest man, controls 99% of the company’s outstanding shares, primarily through his Vingroup JSC [VIC.VN] conglomerate.
Password Crackdown Drives Sign-ups for Netflix
Netflix shares were up 1.7% in early trading on news that its crackdown on password sharing has driven up gross subscriber additions. The number reached 2.6 million in July, which is down 25.7% against June — a record month in which sign-ups more than doubled — but still high compared to normal months. Some 23% of July’s sign-ups opted for the cheaper, ad-supported plan.
Rocket Lab USA Successfully Reuses Rocket Engine
Rocket Lab USA [RKLB] reused one of its Rutherford rocket engines in an orbital launch Wednesday. In a significant breakthrough, this was the first time that a previously flown engine had been reused; Elon Musk’s SpaceX has similarly reused rocket parts with a view to reducing costs. The operation was to loft a satellite built by radar company Capella Space. The rocket itself landed by parachute in the ocean off New Zealand — the company plans to retrieve it.
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