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.
Disclaimer Past performance is not a reliable indicator of future results.
CMC Markets is an execution-only service provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although we are not specifically prevented from dealing before providing this material, we do not seek to take advantage of the material prior to its dissemination.
CMC Markets does not endorse or offer opinion on the trading strategies used by the author. Their trading strategies do not guarantee any return and CMC Markets shall not be held responsible for any loss that you may incur, either directly or indirectly, arising from any investment based on any information contained herein.
*Tax treatment depends on individual circumstances and can change or may differ in a jurisdiction other than the UK.
Continue reading for FREE
- Includes free newsletter updates, unsubscribe anytime. Privacy policy
