Hala,
🚗➡️ Film director Alex Proyas just threw some major shade at Elon Musk! He accused Tesla of “borrowing” designs from ‘I, Robot’ after seeing Musk’s latest Cybercab and Robovan, claiming they look suspiciously similar to his 2004 film.(1) 🤖 Guess those design “updates” were more of a blast from the past! 👀
amana’s Take
- Stimulus hangover has hit Chinese stocks. The CSI 300 shed over 2%, giving back Monday’s gains, while Hong Kong-listed Chinese shares nosedived 3%. Even the yuan joined the slump, as investors questioned whether Beijing’s fiscal fireworks were more fizzle than spark.
- With weak inflation and trade data clouding the horizon, traders aren’t buying into the hype of a 6 trillion yuan bond binge. The market mood feels more “meh” than “stimulus mania,” fueling uncertainty in both equities and currencies.
- OPEC cut China’s oil demand growth outlook, and slowing exports only threw salt on the wound. As the euphoria fades, the market is left wondering: is this as good as it gets?
Stock Market Update
🚀📈 US stocks launched into the week with a blast on Monday as investors eyed the next wave of third-quarter earnings. The S&P 500 rose 0.77% to a fresh high of 5,859.85, the Dow broke through the 43,000 mark for the first time, climbing 0.47% to 43,065.22, and the Nasdaq 100 added 0.82% to 20,439.05.(2) Looks like Wall Street’s got its popcorn ready for earnings season! 🍿🤓
📊📶 Meanwhile, Gulf markets played seesaw, balancing Q3 earnings hype with regional tensions. Abu Dhabi rose 0.5% to 9,303, but Dubai slipped 0.3% to 4,455.(3) ↗️↘️
🎶🏙 Nvidia’s Towering Triumph!
Nvidia’s stock is soaring, constructing a skyscraper of success that has now reached a stunning market cap of $3.4 trillion.(4) As demand for AI-powered chips skyrockets, tech giants like Microsoft, Meta, and Google are pouring in billions to build the AI infrastructure of the future. Nvidia’s GPUs are the core building blocks for this AI revolution, and as the tallest structure in the tech skyline, it shows no signs of slowing down. 🎉📈
🏗️💻 Highlights:
- Market Cap Milestone: Nvidia’s value soars to $3.4 trillion, second only to Apple. 🚀
- Revenue Surge: Expected to grow 82%, reaching $32.9 billion in Q4. 📈
- AI Chip Dominance: Controls 95% of the market for AI training and inference chips. 💻
- Blackwell Craze: Nvidia’s next-gen AI chip is set to bring in billions, with demand described as “insane.” 🔥
- Stock Surge: Shares up 180% in 2024, and over nine-fold since 2023’s AI boom. 📊
🌆🎤 Encore for Nvidia’s Skyline
Nvidia continues to break through ceilings, riding high on the AI wave. With major tech players lining up for more GPUs, Nvidia’s skyscraper is far from finished. As quarterly earnings roll in, all eyes are on Nvidia’s next move, and it looks like we’re witnessing the rise of a tech empire that’s building higher than anyone imagined. 🌆🎤
Closer to Home
- 🤝 Dubai’s EDGNEX, a digital infrastructure firm owned by Damac Group, is teaming up with Thailand’s Proen Corp to drop $1B on data centers. EDGNEX grabs 70%, with Proen taking the rest.(5) Big money, more data! 🤖
- 🏘️ UAE’s RAK Properties secured a cool AED 2B ($544M) financing from Commercial Bank of Dubai. The goal? To boost its Mina Al Arab development and keep the liquidity flowing smoothly.(6) Looks like the company just got a cash upgrade! 💸
- 💰 Riyadh-based Tamkeen HR is prepping for its public debut on Tadawul, pricing shares between SAR 46–50 and aiming to bag SAR 397.5M ($105.85M).(7) Looks like they’re ready to cash in on the spotlight! 🤑
What Else Is Trending
- ⚡ Tech giant Google just got a new energy source: small modular reactors from Kairos Power. It’s a bold move to power data centers and put nuclear energy on the fast track.(8) Clean energy, full speed ahead! 💨
- 🛢️ Meanwhile, oil prices took a tumble on Monday as OPEC slashed its 2024 demand forecast for the third time. WTI slipped 2.29% to $73.83 per barrel, while Brent dropped 2% to $77.46.(9)
- 🌟 Lastly, spot gold lost its shine, dipping 0.2% to $2,650 as China’s stimulus fizzled and a strong US dollar kept gains in check.(10) ✨
💬Quote of the Day
“AI is going to be more important than anything else mankind has ever worked on.” — Jensen Huang, CEO of Nvidia.
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Sources: (1) BBC, (2) (4) (8) (9) (10) CNBC, (3) Reuters, (5) (6) (7) Zawya
