Eskimo United company, MAIN Street, LARNE, Antrim (2026)

04/04/2024

Minneapolis Federal Reserve Bank President Neel Kashkari said on Thursday that at the U.S. central bank's meeting last month he penciled in two interest rate cuts this year but if inflation continues to stall, none may be required by year end.

"If we continue to see inflation moving sideways, then that would make me question whether we need to do those rate cuts at all," Kashkari said during an interview with Pensions & Investments. "There's a lot of momentum in the economy right now."

Kashkari added that if inflation continued to come in stronger than hoped, he anticipates the Fed would hold its benchmark policy rate at the current 5.25%-5.50% range for a longer period of time.

If that still did not work, further rate increases are "not off the table, but they are also not a likely scenario given what we know right now," Kashkari said.

03/04/2024

Federal Reserve Chairman Jerome Powell said Wednesday it will take a while for policymakers to evaluate the current state of inflation, keeping the timing of potential interest rate cuts uncertain.

Speaking specifically about stronger than expected price pressures to start the year, the central bank leader said he and his fellow officials are in no rush to ease monetary policy.

“On inflation, it is too soon to say whether the recent readings represent more than just a bump,” Powell said in prepared remarks ahead of a question-and-answer session at Stanford University.

“We do not expect that it will be appropriate to lower our policy rate until we have greater confidence that inflation is moving sustainably down toward 2 percent,” he added. “Given the strength of the economy and progress on inflation so far, we have time to let the incoming data guide our decisions on policy.”

The remarks come a week after the rate-setting Federal Open Market Committee again voted to hold benchmark short-term borrowing rates steady. In addition, the committee’s post meeting statement on March 20 included the “greater confidence” qualifier needed before cutting.

02/02/2024

Industry Minister François-Philippe Champagne says Canada has signed a letter of intent with artificial intelligence chip giant Nvidia to boost computing power.

In a post on X, formerly known as Twitter, the minister announced the document was signed with the California-based powerhouse, which recently saw the race to innovate with AI push its valuation past the $1.5 trillion mark.

Neither party revealed the contents of the letter during Nvidia chief executive Jensen Huang's trip to Toronto on Thursday.

“Minister Champagne wants my support to ensure that Canada can have access to leading edge technology so that it could, with necessary funding, build its own infrastructure and I'm very enthusiastic about that,” Huang told The Canadian Press in an interview late Thursday.

“We've been a partner of Canada since the beginning of deep learning … and so this is a very important region for us to invest in, a very important country for us to invest in.”

Canada is not alone in prioritizing AI infrastructure. Huang said Japan, South Korea, Malaysia, Singapore, Britain, France and Italy are all attuned to the topic.

The opportunity facing Canada, however, is unique.

Huang considers Canada the birthplace of modern AI because two “godfathers” of the technology, Yoshua Bengio and Geoffrey Hinton, long completed AI research in the country. The two eventually won the prestigious A.M. Turing Award — often called “the Nobel Prize of computing” — with Yann LeCun.

Bengio and Hinton have since set up AI research hubs, the Vector Institute in Toronto and Mila in Montreal.

02/02/2024

Spotify Technology announced a new multi-year deal with the comedian and podcaster Joe Rogan on Friday, in a bid to tap into the popularity of his show to drive its advertising revenue.

The multi-year deal with Rogan, which is estimated to be worth as much as $250m, involves an upfront minimum guarantee, plus a revenue sharing agreement based on ad sales, the Wall Street Journal reported on Friday. The company declined to comment on the terms of the deal but in an email response said the estimated value of the deal mentioned in the WSJ report was incorrect. It did not provide a figure for the contract, however.

The Joe Rogan Experience podcast, which debuted in 2009, has been an exclusive offering on the music streaming platform since 2020, with the company touting it as the most-listened-to podcast globally.

Spotify also said it will soon make Joe Rogan’s show available on other platforms such as Apple, Amazon and YouTube.

Joe Rogan has interviewed well-known politicians, businessmen and celebrities including the film director Quentin Tarantino, the singer Miley Cyrus and the Tesla CEO, Elon Musk, on his podcast.

Spotify, which is based in Sweden, is focusing on boosting ad revenue on its platform with the help of its advertising marketplace for podcast publishers and creators – the Spotify Audience Network.

29/01/2024

Bernard Arnault, the billionaire chairman and CEO of global luxury goods company LVMH—the entity behind dozens of luxury goods brands like Louis Vuitton and Sephora—is now the richest man in the world, passing Elon Musk

Arnault and his family’s net worth grew to $207.8 billion after a $23.6 billion increase on Friday, passing Musk’s $204.5 billion, according to the Forbes real-time billionaires list.

The news comes as Musk’s Tesla struggled in the stock market Thursday, dropping 13%, with Musk losing more than $18 billion in net worth.

Meanwhile, LVMH shares were soaring Friday, up over 13% as of 11 a.m. on the heels of news of strong sales.

The market cap of LVMH reached $388.8 billion on Friday, compared to Tesla’s $586.14 billion market cap.

29/01/2024

FanDuel-parent Flutter lists on the New York Stock Exchange Monday, offering U.S. investors an alternative to the biggest pure play in sports betting, DraftKings

It’s a secondary listing for the international sportsbook, which will retain its primary listing on the London Stock Exchange and included in the FTSE 100 index.

But Flutter’s most important market for revenue and growth is the United States, where FanDuel is the market share leader. In the fourth quarter, FanDuel had 43% market share based on gross revenue and 51% based on net revenue.

But while FanDuel outperforms its competitors, its biggest rival DraftKings grabs the headlines and spotlight in earned media as the biggest (some might argue, the only) publicly traded pure play in sports betting. Shares of DraftKings have soared more than 150% over the last 12 months and are up 9% year to date.

Flutter wants some of the glory and some of the capital for FanDuel. Its shares will trade on the NYSE under the ticker symbol FLUT.

Flutter CEO Peter Jackson put it more diplomatically on Jan. 18, saying, “The additional listing will enable us to access deeper capital markets as well as making Flutter more accessible to U.S. investors and marks a new chapter in the history of the Flutter Group

24/01/2024

Microsoft's stock market value crossed the $3 trillion milestone for the first time on Wednesday, retaining its place as the world's second most valuable company, just behind Apple.

Microsoft and Apple shares have been vying for the top spot as the most capitalized stock on Wall Street since the start of the year, with the iPhone maker briefly losing its crown to the software giant earlier in January.

Shares of Microsoft hit a record high of $405.63, up 1.7%, enabling it to breach the $3 trillion market capitalization level. Apple's shares pared earlier gains and were trading at $194.82, down 0.35%, giving it a market value of $3.01 trillion, according to LSEG data.

Backed by its investment in ChatGPT maker OpenAI, Microsoft is widely seen as a frontrunner in the race for market dominance in the rollout of generative artificial intelligence (AI) among other tech heavyweights, including Google owner Alphabet, Amazon.com, Oracle, and Facebook owner Meta Platforms.

Using OpenAI's technology, Microsoft has rolled out newer versions of its flagship productivity software products as well as its Bing search engine, which is expected to better compete with Google's dominant search offering.

Apple, on the other hand, is facing slowing demand for its iPhones, particularly in China, where the company is offering customers rare discounts to boost sales amid stiff competition from homegrown rivals such as Huawei Technologies.

24/01/2024

Tesla reported revenue and profit for the fourth quarter that missed analysts’ estimates as auto sales increased just 1% from a year earlier. The stock slid in extended trading.

Here are the key numbers:

Earnings: 71 cents per share, adjusted, vs. 74 cents per share expected by LSEG, formerly known as Refinitiv.
Revenue: $25.17 billion vs. $25.6 billion expected by LSEG.
Total revenue increased 3% from $24.3 billion a year earlier. Operating margin for the quarter came in at 8.2%, down from the year-ago quarter’s figure of 16% and slightly higher than 7.6% in the prior quarter.

While other U.S. automakers struggled to make and sell a high volume of fully electric vehicles last year, Tesla reported 484,507 deliveries in the fourth quarter and more than 1.8 million for 2023. Hefty price cuts helped Tesla achieve that number, which was a record for the company.

23/01/2024

The S&P 500 rose to another record high on Monday as tech stocks added to recent gains and investors awaited upcoming corporate reports for clues on this year's profit outlook.

The S&P 500 hit an intraday high of 4,868.41 points. The benchmark confirmed a bull market on Friday after posting a record high close for the first time in two years.

Netflix (NFLX.O), opens new tab, Tesla (TSLA.O), opens new tab, Abbott Laboratories (ABT.N), opens new tab, Intel (INTC.O), opens new tab and Johnson & Johnson (JNJ.N), opens new tab, are due to report this week.

Several top tech-related heavyweights, including Microsoft (MSFT.O), opens new tab and Apple (AAPL.O), opens new tab are expected to report results next week.

"The earnings and guidance are going to be crucial to continue underpin the mega tech force in the market," said Quincy Krosby, chief global strategist at LPL Financial in Charlotte, North Carolina.

An index of semiconductors (.SOX), opens new tab was up 0.1% and hit a fresh all-time intraday high, while Nvidia (NVDA.O), opens new tab was up 0.8%, also hitting a fresh record.

Also this week, investors await reports on the personal consumption expenditure (PCE) index, S&P Global PMI readings and an advance fourth-quarter GDP print to weigh the U.S. central bank's next policy decision when it meets on Jan. 31.

22/01/2024

Registration number - NI627598
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21/01/2024

Wall Street stocks hit an all-time high on Friday, with strong gains for large technology companies finally pushing the main US equity benchmark to a new record after a shaky start to the year.

The S&P 500 index rose 1.2 per cent to close at 4,839.81, overtaking a previous record set on January 3 2022. Its intraday value also reached a fresh high of 4,842.07 during the trading session.

The S&P had been within touching distance of the records for a month, after a blistering rally at the end of 2023.

However, markets have lost momentum since the turn of the year, as disappointing economic data damped optimism about how quickly the US Federal Reserve will start cutting interest rates. Even after Friday’s rise, the S&P is up just 1.5 per cent in January, compared with a 16 per cent rally over nine consecutive weeks of gains from late October.

Several investors said they expect markets would continue to be choppy, but were optimistic that they would trend upward in the coming months.

“If the economy continues to grow — which we expect it will — and if inflation continues to trend down, that should be quite good for the average stock,” said Jeff Mills, chief investment strategist at Bessemer Trust.

“You may not have another 20 or 25 per cent increase [in the index], but it’s an environment that will allow earnings to shine through and slowly push the market higher for what could be another solid year.”

19/01/2024

Meta Platforms is GPU rich.

On Instagram Thursday, CEO Mark Zuckerberg said the company will have 350,000 Nvidia H100 graphics processing units and overall almost 600,000 H100 compute equivalent GPUs by the end of this year.

“Our long term vision is to build general intelligence, open source it responsibly, and make it widely available so everyone can benefit,” he wrote in the post. “We’re building massive compute infrastructure to support our future roadmap” for artificial intelligence. Zuckerberg also said he excited about Meta’s progress incorporating AI technology in other type of devices like its Ray Ban smart glasses.

Start-ups and enterprise have clamored for Nvidia ’s GPUs, or graphics processing units because they are well suited for the parallel computations needed for AI projects.

A Meta spokesperson declined to provide clarity on the timing of H100 purchases and on whether the other H100 equivalent GPUs consisted of other Nvidia GPU models or were from different third parties.

Nvidia declined to comment on the timing of Meta’s H100 purchases.

The H100 is Nvidia’s current top-of-line data center GPU and costs roughly $25,000 per GPU, according to a slide in an earlier company presentation that showed a 16 H100 GPU system costs $400,000.

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