The stock market edged higher on Friday, but recorded a losing week amid renewed fears on the Federal Reserve’s rate hiking campaign. Investors were worries that the central bank may raise rates more than previously expected.
Overall, S&P 500 and NASDAQ grew 0.1% to 4,457 and 13,762, respectively.
Tweet of the Day
Tesla's $25k Compact Car will be Texas-built and look like the Cybertruck.
Axios just posted an excerpt from @WalterIsaacson's biography of @elonmusk which is set to release on September 12th. Link in the replies.
In this excerpt, we have a ton of new info regarding Tesla’s… pic.twitter.com/ZqATNcTFZA
— Farzad Mesbahi (@farzyness) September 8, 2023
Chart of the Day
Here is the one-year chart of NVIDIA (NVDA) as of August 31, 2023, when the stock was at $494.
NVIDIA was originally focused on the computer graphics market, and invented the first graphics processing unit (GPU) in 1999. This made the company the leader in computer graphics. It then introduced its CUDA programming model in 2006, and ushered in parallel processing of its GPU for high-performance computing that could be used in fields including aerospace, biotechnology, and energy exploration. NVIDIA has since expanded its architecture to scientific computing, artificial intelligence (AI), data science, autonomous vehicles, robotics, and virtual reality. The NVIDIA GDX platform is the most robust AI platform today. It is the world’s first AI supercomputer.
NVIDIA’s profits surged last quarter due to the insatiable thirst for AI Systems. Last quarter’s profits jumped 429% year-over-year on 101% revenue growth. Its explosive growth is driven by its Data Center segment, due to the strong demand for the HGX platform which runs Generative AI and large language models. In the company’s quarterly presentation, Amazon Web Services (AWS), Google Cloud, Microsoft Azure, Oracle Cloud and a number of cloud providers are deploying HGX systems in volume.
NVDA is part of the Growth Portfolio and Aggressive Growth Portfolio.
