Nvidia earnings: Wall Street sighs with relief after AI wave doesn’t crash

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Markets expectations around Wednesday’s quarterly earnings report by the most valuable publicly traded company in the world had risen to a fever pitch.Anxiety over billions in investment in artificial intelligence pervaded, in part because the US has been starved of reliable economic data by the recent government shutdown.Investors hoped that both questions would be in part answered by Nvidia’s earnings and by a jobs report due on Thursday morning.“This is a ‘So goes Nvidia, so goes the market’ kind of report,” Scott Martin, chief investment officer at Kingsview Wealth Management, told Bloomberg in a concise summary of market sentiment.The prospect of a market mood swing had built in advance of the earnings call, with options markets anticipating Nvidia’s shares could move 6%, or $280bn in value, up or down.

Julian Emanuel, Evercore ISI’s chief equities strategist, told the Financial Times that “angst around ‘peak AI’ has been palpable”.The anxiety has only been heightened by signs that some AI players, including Palantir’s Peter Thiel, Japanese investor Masayoshi of SoftBank have recently sold off multi-billion positions in Nvidia if only (in the case of Softbank) to place those funds in OpenAI.Michael Burry, who became a legend on Wall Street for taking a short position ahead of the 2008 financial crisis, announced that he was shorting Nvidia and Palantir stock – and warned of an AI bubble – before abruptly winding down his investment company, Scion Asset Management.Analysts had expected the chip behemoth to show more than 50% growth in both net income and revenue in its fiscal third quarter as the tech giants – Microsoft, Amazon, Alphabet and Meta – that represent more than 40% of Nvidia’s sales continue to pour billions into the chipmaker.The company reported growth beyond even those lofty expectations.

Nvidia reported $57.01bn in total revenues, beating investor expectations of $54.9bn in revenue.Sales increased 62% year-over-year, and profit rose 65% year-on-year to $31.9bn.

On the key metric of data-center sales, the company reported $51.2bn in revenue, beating expectations of $49bn.Nvidia’s future looks bright, too.The company is projecting fourth-quarter revenue of around $65bn; analysts had predicted the company would issue a guidance of $61bn.CEO Jensen Huang addressed the elephant in the room on Wednesday’s earnings call after Nvidia’s stellar numbers were released.

“There’s been a lot of talk about an AI bubble,” he said.“From our vantage point, we see something very different.As a reminder, Nvidia is unlike any other accelerator.We excel at every phase of AI from pre-training to post-training to inference.”Sign up to TechScapeA weekly dive in to how technology is shaping our livesafter newsletter promotionMarket analysts had been on the lookout for signs that the big AI spenders could be forced to pull back their spending on Nvidia’s wares or show any lack of absolute dedication to the AI investment behemoth that in one form or another represents with some estimates attributing as much as 75% of the S&P 500’s gains in 2025.

Investors have grown wary of the AI boom, with shares in Nvidia and Palantir, a major AI player, falling more than 10% since peaking last month.The Nasdaq stock exchange has seen a broad, panicked selloff over the past few days in response to these fears.Still, Nvidia shares are up about 37% for the year to date, and they rose in after-hours trading on Wednesday.The Nvidia earnings report, and investor reaction over the coming hours or days, will be read into for broader economic signals because AI is now intimately tied, correctly or falsely, to broader economic confidence, with Nvidia as the foundation for the entire artificial intelligence buildout.“Market psychology has been negative this month as investors worried that the artificial intelligence infrastructure buildout was a bubble and in a few years we may look back at this time and point to signs that it was,” said Chris Zaccarelli, chief investment officer for Northlight Asset Management after the earnings report was released.

For bullish analysts, fears that the AI revolution would soon follow the path of internet stocks in 1999 have been entirely overblown, and the AI party is only just getting started,“The largest technology companies in the world are extremely profitable and they are reinvesting billions of dollars into data centers, servers and chips, and the spending is real,” Zaccarelli added,
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Georgina Hayden’s quick and easy recipe for roast hake with caper anchovy butter | Quick and easy

I love this one-tray dinner; it feels elegant but easy, and worthy of both a midweek meal and if you are entertaining. The punchy anchovy and garlic butter does all the hard work, and gives the impression of more effort than was actually exerted. But what to serve it with, I hear you ask? Well, it wouldn’t be out of place with creamy mashed potato, buttery polenta or a salad. Just make sure to baste the fish halfway through cooking, to get all the flavour and juices back into it.Prep 10 min Cook 30 min Serves 42 garlic cloves, peeled5 anchovies 4 tbsp capers ½ bunch chives 1 lemon 90g unsalted butter, cut into cubesSea salt and black pepper250g sweet heart cabbage, or other greens2 onions, peeled and halved2 tbsp olive oil4 150g hake or cod fillets, skinned and, if need be, pin-bonedHeat the oven to 220C (200C fan)/425F/gas 7

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Sami Tamimi’s recipes for prawn and tomato stew with fregola, and herby quick-pickled vegetable salad

Hearty and warming, this prawn and tomato stew with fregola is a comforting bowl, with the fresh pesto brightening every bite. It pairs beautifully with a crisp, fragrant, quick-pickled vegetable salad; the freshness cuts through the richness of the stew perfectly. I’ve always loved leafy, lively salads, and I could honestly eat one with every meal, every day.Prep 20 min Cook 50 min Serves 4220g cherry tomatoes 60ml olive oil 1 large onion, peeled and finely chopped (180g)3 garlic cloves, peeled and crushed2cm piece fresh ginger, peeled and finely grated (15g)1 green chilli, finely chopped, seeds and all1½ tsp coriander seeds, lightly crushed in a mortar1 tsp cumin seeds, lightly crushed in a mortar6 cardamom pods, lightly bashed 15g dill, finely chopped2 tsp tomato paste400g tinned chopped tomatoes Salt and black pepper 120g fregola 400g frozen king prawns, defrosted, or fresh, peeled and deveinedFor the coriander pesto20g coriander, roughly chopped1 green chilli, finely chopped, seeds and all35g pine nuts, lightly toasted 3 tbsp olive oil1 lemon, zest finely grated to get 1½ tsp, then cut into wedges, to servePut a large saute pan on a high heat. Toss the tomatoes with a teaspoon of oil and, once the pan is very hot, add the tomatoes and cook, shaking the pan a few times, for about five minutes, until blistered and deeply charred all over

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How to make risotto alla milanese – recipe | Felicity Cloake's Masterclass

Risotto alla milanese is, like the city it calls home, elegantly simple, but very rich. The saffron that gives the dish its striking colour is rightly expensive (it takes about 150 flowers to produce a mere gram), but you don’t need much and, though it’s often served alongside osso buco, I think it makes a fine meal on its own with a bitter-leaf salad.Prep 5 min Cook 30 min Serves 41 onion 75g butter, or 15g butter plus 60g bone marrow350g risotto rice (carnaroli, arborio, vialone nano)1 litre beef stock, or chicken or vegetable stock75ml dry white wine (see step 4)1 level tsp saffron threads75g finely grated parmesan, or grana padano or a vegetarian alternativePeel and finely chop the onion; the aim is for it almost to disappear into the dish, rather than remaining as distinct chunks, so take your time over doing this (you could substitute two shallots, if you prefer – their sweetness works particularly well with the flavour of the wine and cheese).Melt a generous tablespoon of the butter in a frying pan set over a medium-low heat, then fry the chopped onion until soft, golden and limp, but not coloured.Turn the heat up to medium-high, add the rice and fry, stirring constantly, until the grains are hot and starting to turn translucent around their edges

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2210 By Natty Can Cook, London SE24: ‘Much more than just posh jerk chicken at fancy prices’ – restaurant review | Grace Dent on restaurants

There’s an attention to detail in every dish that makes this place more than fit for a special occasionIt’s 6pm in Herne Hill, south-east London, and I’ve popped out for some Caribbean food wearing fancy athleisure wear. Yoga trousers and a smart hoodie, but PE kit nonetheless. And, once I arrive at 2210 By Natty Can Cook, I realise I am severely underdressed.When chef Nathaniel Mortley announced that he was opening a restaurant that aimed to celebrate Caribbean culture “in style” and to win a Michelin star, his loyal Instagram following, as well as their families and friends, took the brief and dressed accordingly. As fancily plated ackee and saltfish spring rolls passed by, as well as a lot of rum punch, I rustled in my handbag for some bigger earrings and more makeup

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‘Simple, well-crafted and excellent’: supermarket chutneys, tasted and rated | The food filter

Our resident taster dipped, spread and dolloped his way through 10 chutneys in time for Christmas, so you don’t get in a pickle choosing one for yourself The fair price for 14 everyday items, from cleaning spray to olive oilThe Guardian’s journalism is independent. We will earn a commission if you buy something through an affiliate link. Learn more.Chutney is a heritage recipe that’s been largely unchanged for a century, and some of the best versions are the simplest and most traditional. That said, even when it’s made on an industrial scale, chutney usually features just fruit, sugar, vinegar and perhaps some pectin

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It’s not all about roasting on an open fire – there’s so much more you can do with chestnuts

If I’d ever spared a thought for how chestnuts – the sweet, edible kind, not the combative horsey sort – were harvested, I would probably have conjured rosy-cheeked peasants bent low in ancient forests and filling rough-hewn hessian sacks by hand. Back-breaking labour, sure, but so picturesque!I was delighted, therefore, while on a writing retreat in Umbria last month, to get the opportunity to watch an elderly couple manoeuvre a giant vacuum around their haphazard orchard, followed by their furious sheepdog. The fallen crop was sucked into a giant fan that spat their bristly jackets back out on to the ground, and the nuts then went to be sorted by other family members on a conveyor belt in the barn – the good ones to be sold in the shell, the less perfect specimens swiftly dropped into a bucket for processing.Later in the week, a lorry turned up in the village square to pick up bags from other small local producers, and that evening I roasted a pan of chestnuts on the fire with new appreciation, while loudly bemoaning the disappearance from the streets of London of the chestnut sellers of my childhood (though this makes me sound positively Dickensian, I can confirm that I’m talking about this century. Note also that Nigel Slater is less starry-eyed on the subject