Nvidia Fails to Impress, Cuba Boat Shooting, More
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Investors were left unimpressed initially by the latest blowout earnings forecast from Nvidia. The dominant maker of AI chips says its revenue in the current quarter will be about $78 billion, well ahead of the almost $73 billion analysts had expected. However, that wasn't enough to excite markets with shares little changed in post-market trading, now up 1% in pre-market trading. Daniel Newman is CEO of technology research firm The Futurum Group.
I think the market has been in this bit of an uncertain space, almost in between whether AI is a bubble or AI is so valuable that it is going to disrupt and basically eliminate entire industries. But Nvidia sits in this really good position where it's providing the quote-unquote arms for this revolution.
Newman's assessment comes as Salesforce delivered a lukewarm sales outlook that failed to impress investors as well. The software giant has become a poster child for what's been dubbed the AI scare trade. Salesforce shares have dropped about 37% over the past year as investors fear AI will make it easier to build competing products.
Cuban forces say they've killed a number of people who opened fire from an American registered speedboat. The country's interior ministry said the vessel, which had 10 people on board, approached the Cuban coast. Four were killed in the confrontation, while six others were injured and are now understood to be in custody. Cuban authorities claim the occupants were armed and intended to enter the country to fight against the government. U.S. Secretary of State Marco Rubio says officials are looking into the incident.
I'm not even going to speculate as to what it could have been. It's a wide range of things. Suffice it to say, it is highly unusual to see shootouts in open sea like that. It's not something that happens every day. It's something, frankly, that hasn't happened with Cuba in a very long time. But we're going to find out. We're not going to base our conclusions on what they've told us.
Marco Rubio speaking there as the episode threatens to escalate an already tense standoff between the U.S. and Cuba.
WPP shares are lower this morning, this after the firm announced plans to cut annual costs by half a billion pounds by 2028 as part of a sweeping restructuring aimed at strengthening its AI capabilities.
Why were investors unimpressed by Nvidia's earnings forecast?
The move comes as the British-based advertising giant reported full-year earnings that fell short of estimates. The company is slashing its 2025 dividend by 62% to 15 pence, down from 39.4 pence in 2024. one of the world's largest advertising agencies. WPP has seen its share price fall 65% over the past year as it struggles with the loss of several major clients. The shares are down 8% this morning.
The London Stock Exchange Group has seen its shares rise over 5% after it unveiled a new £3 billion share buyback as it announced its latest results. LSEG reported total income for the full year of almost £9 billion, meeting analysts' estimates. The earnings also come after it emerged the activist hedge fund Elliott Investment Management had taken a significant stake in the firm. When asked about the investment, CEO David Schwimmer said the group remains receptive.
So as my kids like to say, pressure is for tires. We have lots of shareholders. Some of them are more vocal than others. We listen to all of our shareholders. We're happy to engage with our shareholders.
Stock Exchange Group's David Schwimmer there speaking to us on Bloomberg Radio this morning. The gains in Elsec's shares today are the most since the 11th of February when Elliot's investment in the company first became public.
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