CNBC Daily Open: Nvidia is selling more shovels than ever in the AI gold rush
Nvidia reported results that beat expectations, but it also expects revenue to grow another 70% in fiscal 2028.
TL;DR
- Nvidia reported strong second-quarter results, with revenue doubling and net income jumping over 100%, and forecast 70% revenue growth for fiscal 2028.
- AI companies like OpenAI, Google, AWS, and Meta are developing their own custom AI chips, presenting a competitive threat to Nvidia.
- OpenAI's new Jalapeño chip shows industry-leading speed and efficiency, outperforming some Nvidia systems in tests.
- Apple will hold its annual iPhone launch event on September 9th.
- U.S. headline inflation in July was slightly higher than expected, while core inflation readings were in line with expectations.
- Federal Reserve officials will meet in Jackson Hole, Wyoming, with investors watching Fed Chair Kevin Warsh's keynote speech.
- Chinese state-sponsored hackers have targeted U.S. federal agencies, including the Federal Reserve and NASA.
- Oil prices remained little changed after an agreement between Iran and Oman regarding the Strait of Hormuz.
- Salesforce shares surged after the company beat second-quarter estimates and raised its full-year outlook.