📈 Nvidia goes beyond chips

Nvidia unveils advancements beyond chips, McDonald’s consumer pullback worsens, Fed expected to keep rates steady but tee up for Sept. cut, Apple says AI models were trained on Google’s chips, and Andrew Left surrenders on securities fraud charges in L.A …

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Smart Owl
July 30, 2024

Good morning.

The Fast Five → Nvidia unveils advancements beyond chips, McDonald’s consumer pullback worsens, Fed expected to keep rates steady but tee up for Sept. cut, Apple says AI models were trained on Google’s chips, and Andrew Left surrenders on securities fraud charges in L.A …

Calendar: (all times ET)

  • Today: Consumer confidence, 10:00 AM

  • WED, 7/31: FOMC interest-rate decision, 2:00 PM

    • Fed Chair Powell press conference 2:30 PM

  • THU, 8/1: Initial jobless claims, 8:30 AM

  • FRI, 8/2: Employment report, 8:30 AM

Your 5-minute briefing for Tuesday, July 30:

BEFORE THE OPEN

As of market close 7/29/2024.

PRE-MARKET

MARKETS

  • US stocks traded flat as markets paused a rotation into small caps and prepared for crucial Big Tech earnings

  • S&P 500 tech sector is still trading at a 29.5x NTM P/E, a two-decade high

  • Oil fell to the lowest level in seven weeks

  • Fed, BOJ, and BoE will announce their latest rate policy decisions mid-week

EARNINGS

  • McDonald's missed Q2 estimates on a same-store sales decline and a global sales decline for the first time since Covid as consumers pulled back spending; shares nonetheless rose ~4% on success in its new $5 value meal deal (link)

  • What we're watching this week:

    • Today: Microsoft, AMD, PayPal, Starbucks, Pfizer, P&G

    • Wednesday: Meta, Qualcomm, Boeing

    • Thursday: Apple, Amazon, Intel, Coinbase

    • Friday: ExxonMobil, Chevron

  • Full calendar here

NEWS BRIEFING

Nvidia unveiled several new real-world examples of generative AI at work Monday afternoon during SIGGRAPH, a major computer graphics technologies conference.

The company’s same-store sales fell for the first time since the fourth quarter of 2020.

  • Fed expected to keep interest rates steady but to tee up September cut (link)

  • Stock turbulence throws spotlight on Big Tech's valuations (link)

  • Broader rotation tries to stick this time (link)

  • Dollar rebounds as markets await FOMC directions (link)

  • US buys 4.65M barrels for emergency oil stockpile (link)

  • Apple AI models were trained on Google’s custom chips (link)

  • Short seller Andrew Left surrenders on securities fraud charges in L.A., due in court (link)

  • Nvidia Releases Software, Services to Boost Rapid Adoption of AI (link)

  • FDA approves blood test to detect colon cancer for those at 'average risk' (link)

  • Will Southwest Airlines' move to end open seating work? (link)

  • Hewlett Packard set for unconditional EU nod for $14 billion Juniper deal (link)

  • Charter to pay $15 million to resolve US probe into network outage rules (link)

  • Uber now lets users in India book three trips at once (link)

CRYPTO

  • Bitcoin futures' open interest hit a record $39.46 billion (link)

  • El Salvador proposed using Bitcoin for trade with Russia to circumvent economic sanctions (link)

  • US spot Bitcoin ETFs saw $795 million in net inflows last week, marking the fourth consecutive week of positive inflows (link)

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