International News 29/05
-
Nvidia CEO Jensen Huang's net worth has increased significantly over the past five years, reaching IDR 1,439 trillion.
Nvidia CEO Jensen Huang's stake in the chipmaker has seen a significant increase in value, rising from approximately $3 billion to over $90 billion. This increase is due to a stock rally that resulted in a record high share price. Nvidia has reported impressive first-quarter earnings, with sales surging by over 200% for the third consecutive quarter. This growth is driven by strong demand for artificial intelligence processors. Huang provided an optimistic outlook, stating that the company is experiencing insatiable demand for AI graphics processing units. The company anticipates that its major customers, particularly large cloud companies, will derive significant benefits from their investment in high-cost chips. Mr. Huang currently owns approximately 86.76 million Nvidia shares, representing over 3.5% of the total outstanding shares. The value of his shares increased by approximately $7.7 billion, or 9% more than the previous day's closing price, as a result of the stock price rising by over 9%. Nvidia's share price has risen by more than 100%.
Oil prices closed the week up by 1%, with concerns over demand remaining a significant factor.
Oil prices increased slightly over the weekend, but remained weak overall for the week due to concerns that strong US economic data might delay interest rate hikes and limit fuel demand. On Friday, the closing price for Brent crude oil for July delivery was $82.12 per barrel, while the closing price for Brent for August delivery was $81.84 per barrel. West Texas Intermediate (WTI) crude oil futures for July delivery closed at $77.72 per barrel. Both Brent and WTI reached their lowest levels since February this week, with Brent falling by 2.1% and WTI losing 2.8%. Some investors are optimistic that the decline is nearing an end, given that summer demand in the US is anticipated to increase. However, concerns regarding the Federal Reserve's interest rate policy and a surge in US crude oil inventories continue to impact market sentiment.
Wall Street for the Week: S&P 500 and Nasdaq Gain, Dow Slips on the Week.
Wall Street bounced back after a recent decline, driven by positive news regarding consumer outlook on inflation. The Nasdaq index achieved its fifth consecutive week of gains and set a new closing high. On Friday, the Dow Jones Industrial Average closed slightly higher, breaking its five-week rally after experiencing its largest daily decline in over a year. Over the course of the week, the Dow fell by 2.34%, the S&P rose by 0.03%, and the Nasdaq increased by 1.41%. The US stock market was boosted by the Commerce Department's announcement that new orders for key manufactured goods in the US exceeded expectations in April, as well as the University of Michigan's report of an improvement in consumer inflation expectations towards the end of May. Overall, the market saw a resurgence in positive sentiment and exceeded expectations with regards to economic data.