Nvidia experiences worst day in four months with $78 billion market cap loss
Nvidia’s stock saw a significant 4.4% decline, resulting in a $78 billion loss in market capitalization, marking the largest single-day loss in the company’s history. Despite the drop, the stock has surged by over 35% since the beginning of the year. Analysts anticipate a substantial increase in overall market expectations, potentially limiting further earnings upside in 2024. The company is expected to report adjusted earnings of $4.59 per share on a revenue of $20.4 billion for the fiscal fourth quarter, with projections for the current quarter indicating staggering numbers. However, analysts express concerns about the high bar set for the company, while investors eagerly await the company’s financial outlook and performance.
Stanley Druckenmiller’s Family Office Makes Significant Portfolio Changes
Stanley Druckenmiller’s family office, Duquesne Family Office, has made significant changes to its portfolio, offloading shares of tech giants Alphabet Inc. and Amazon.com Inc., as well as semiconductor company Broadcom Inc. Meanwhile, it has acquired shares of gold miners Barrick Gold Corp. and Newmont Corp., as well as tech companies Adobe Inc. and Arista Networks. Druckenmiller’s interest in AI is evident in the portfolio, with new investments in AI-related companies such as Palo Alto Networks. Nvidia Corp. remains a standout position in the portfolio, with the firm holding shares worth nearly $550 million as of December 31, 2023. Druckenmiller’s decisions to sell shares of Alphabet and Eli Lilly are particularly noteworthy, indicating a change in strategy within the portfolio.
Key Business Events and Economic Indicators Ahead
Get ready for a week of key business events and economic indicators, including Walmart’s earnings report, the Federal Reserve’s minutes, and the U.S. home sales report. These events will offer valuable insights into the retail sector, monetary policies, and the housing market, providing crucial information for businesses and investors.
AbbVie Appoints Robert Michael as New CEO, Succeeding Richard Gonzalez
AbbVie, a leading pharmaceutical company, has appointed Robert Michael as its new CEO, succeeding Richard Gonzalez. The leadership change comes as AbbVie navigates biosimilar competition and focuses on the potential of newer immunology drugs. Michael’s extensive experience within AbbVie positions him well for the CEO role, reflecting the company’s commitment to sustaining its position as a leading player in the pharmaceutical landscape.
Beamr Imaging Ltd. Stock Soars Following Collaboration with Nvidia
Beamr Imaging Ltd. saw its stock price surge by 1,556% following its collaboration announcement with Nvidia Corp. The Israel-based company will present joint research at the ACM Mile-High-Video 2024 conference, focusing on automated video modernization and the transition to the AV1 format. The collaboration has generated significant investor excitement, despite being mentioned in the company’s IPO filing last year.
Diane von Furstenberg Announces Collaboration with Target
Diane von Furstenberg announces her collaboration with Target on a collection featuring over 200 pieces, including clothing, beauty products, and customizable furniture. The collection will showcase her signature belted style and bold prints from the ’70s, all priced under $50, making her designs more accessible to a wider audience. With the launch date approaching on March 23, fashion enthusiasts can anticipate a rush to grab these coveted pieces.
Deutsche Bank CEO Christian Sewing’s Unassuming Leadership Style Making Waves
Deutsche Bank CEO Christian Sewing is making waves with his unassuming leadership style, prioritizing corporate banking and local clients. His approach has seen a shift towards automated tax reports and a hands-on presence at local events, showcasing a departure from the traditional image of a banking CEO. Key appointments like Fabrizio Campelli and Rebecca Short reflect Sewing’s methodical and cost-focused strategies, contributing to a more collaborative and focused culture within the organization.
Qargos F9: India’s First Cargo 2W Unveiled at ET CV & Logistics Conclave
Hilton Mumbai International Airport hosted the ET CV & Logistics Conclave, showcasing India Inc’s advancements in smart and sustainable manufacturing. The event unveiled the Qargos F9, the ‘world’s first’ cargo 2W, designed to revolutionize logistics with its unique form factor and capacity of 225 litres. Alok Das highlighted the potential market for the cargo scooter in India, estimating that approximately one in every 25 riders utilizes a two-wheeler for commercial purposes.
Colombian Fintech Startup Bold Secures $50M in Series C Funding
Colombian fintech startup, Bold, secures $50M Series C funding round led by General Atlantic and other investors. The funding will be used for product development and expansion within Colombia. Bold specializes in low-cost payment terminals and recently obtained a financial institution license to offer businesses a bank account. Managing Director at General Atlantic, Luiz Ribeiro, expresses confidence in Bold’s potential. Established in 2019, Bold serves over 150,000 merchants monthly.
First-Ever Cincinnati Chili Week Kicks Off in 2024
Get ready for the first-ever Cincinnati Chili Week kicking off on February 19, 2024, with special meal deals and a chance to win free chili for a year at Gold Star Chili. Participate in the contest by visiting a Gold Star location, ordering a special meal deal, and sharing a photo on social media with the hashtags #GoldStarChiliContest and #CincinnatiChiliWeek for a chance to win.