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Look ahead to 31/5/23: China PMI; France GDP; Germany CPI Economic data is key on Wednesday. It starts in Japan with retail sales, followed by Chinese PMI. Jeremy Naylor | Analyst, London | Publication date: Tuesday 30 May 2023 IGTV’s Jeremy Naylor looks at the chances that the Chinese yuan will weaken further as it becomes more and more obvious that the recovery in China is further away than initially expected. Then in the eurozone we’re looking at the CAC 40 and DAX as growth and inflation data is released. The only corporate on the schedule is from stationers, WH Smith.
Charting the Markets: 30 May FTSE 100 lower while DAX moves higher in early trading, and Dow looks to edge up following reports of debt ceiling deal. EUR/USD declining and USD/JPY holding firm, while GBP/USD begins to show signs of a higher low. Chris Beauchamp | Chief Market Analyst, London | Publication date: Tuesday 30 May 2023 Gold’s pullback slows down, while Brent crude turns lower and natural gas struggles to hold the 50-day MA. This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.
Artificial intelligence (AI) is the new big hot topic. Jeremy Naylor | Analyst, London | Publication date: Tuesday 30 May 2023 After NVIDIA last week reported a massive earnings and revenue beat, the company is now building Israel's most powerful AI supercomputer. It will cost hundreds of millions of dollars, but the computational power proposal is astonishing. The system, called Israel-1, is expected to deliver the performance of up to eight exaflops of AI computing. One exaflop is a standard measure of performance for a supercomputer. Exa is short for quintillion, a 1 followed by 18 zeros, which means one exaflop has the ability to perform one billion-billion calculations per second. This proposal from NVIDIA is to build a computer which can perform eight times that amount of calculations per second. The report suggests that the system will be partly operational by the end of 2023. (Video Transcript) More good news for NVIDIA NVIDIA, the artificial intelligence (AI) specialist which makes semiconductors for computers, reported some stellar earnings last week, both earnings and revenues up, and the outlook extremely robust as a result of its association with artificial intelligence or AI chips. Yesterday, NVIDIA came out with some more news. It's announced it is building Israel's most powerful AI semi-computer and the numbers are astonishing. The system is called Israel-1. It's expected to deliver the performance of up to eight exaflops of AI computing. Now, what is an exaflop? Well, that's a good question. One exaflop has the ability to perform one billion-billion calculations per second. Now, the system will cost hundreds of millions of dollars and will be partly operational by the end of 2023. This will mean that Israel through this computer will be able to engage far quicker with AI computing and it will help extra elements. Share price chart Let's take a look at what's happening in NVIDIA stock as we speak all-sessions on the IG platform. This is early trade. We are very, very close to going to a new all-time high and I suspect we could well end up seeing this creep up, even as we speak. It is currently trading at $398.74. This is a candle here where you can see we've gone at the bottom and we're currently at the top. There are no sellers in this stock. And I predict that sometime today, we will see a new all-time record high. Last week, NVIDIA stock jumped more than 25%, or around about a quarter of its total value, on the back of its quarterly earnings. And you can see at the moment we are punching higher as we speak. So, NVIDIA very much the front and center of AI computing and it's benefiting this morning from that news in Israel.
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