Nvidia shares closed at a record high on Tuesday after the company announced a partnership with Google (GOOG) that will involve its technology being sold through Google’s cloud.
Shares closed above a $487 which raised its market cap to $1.2trn. The stock is now up 234% in 2023, making it by far the best performer in the S&P 500.
Through the partnership, Google’s cloud customers will have greater access to technology powered by Nvidia’s powerful H100 GPUs.
“Our expanded collaboration with Google Cloud will help developers accelerate their work with infrastructure, software and services that supercharge energy efficiency and reduce costs,” chief executive Jensen Huang said in a blog post.
It comes a week after the company said quarterly revenue doubled from a year earlier, while forecasting that sales this period could rise 170% on an annual basis.
Novo Nordisk (NVO)
Ozempic, Novo Nordisk's diabetes medication could possibly be one of the next drugs to have its price slashed in negotiations with the US government, it has been revealed.
On Tuesday, the Biden administration released the names of the first 10 prescription drugs that will be subject to price negotiations with Medicare, the government health program for roughly 65 million seniors.
According to a report from Bloomberg, it is one among a set of policies in president Joe Biden’s Inflation Reduction Act, signed into law last year. The law allows the US government to haggle over drug prices.
The drug is also used for weight loss which has seen the Danish pharmaceutical firm dominating the weight-loss landscape.
A report from Morgan Stanley (MS) estimated that global sales of weight-loss drugs will reach $77bn (£60bn) by 2030. Meanwhile, an analyst at Barclays (BARC.L) spoke with CNBC in April about the global weight-loss drug market, saying that it could potentially reach $200bn by 2030.
Shares were up 1.5% on the day on Tuesday, and were 0.9% lower in pre-market trading at the time of writing.
Insurer Prudential is the biggest gainer on the FTSE 100 (^FTSE) today, up as much as 4% after publishing half-year results which showed increased profits.
New business profits, a key gauge of predicted profits on products, rose 39% in the period to $1.49bn, above analyst expectations.
The firm plans to more than double its new business profit by 2027 as its new chief executive, who took over the group in February, ramps up his strategy.
It expects to boost profitability of new insurance policies to as much as $5.4bn (£4.3bn) by 2027, up from $2.2bn last year, which would deliver an annual growth rate of up to 20%.
The insurer also announced an interim dividend of 6.26 cents per share, up from 5.74 cents a year ago, and said adjusted operating profits rose 6% on a constant currency basis to $1.5bn.
Meanwhile, Prudential's annualised premium equivalent (APE) sales, a closely watched gauge of insurance sales, rose 37% to $3 billion on a stronger pickup in sales from Chinese mainland visitors to Hong Kong.
“China and Hong Kong both are going to be absolutely critical for our growth,” chief executive Anil Wadwhani said. “Having said which, we are very, very keen on ensuring that we are driving a multi market growth engine model.”
“We have today announced that we will do things differently in the way we run Prudential,” Wadwhani added.
“With a clear strategy, operational and capital allocation priorities, we are focused on delivering sustainable value for all our stakeholders: employees, customers, shareholders and our communities.”
Shares in fashion retailer Superdry have been suspended on the London Stock Exchange due to a delay to its accounts. It blamed problems with “normal procedures” for the failure to report on time.
Before the suspension its share price was 56.10p, down almost 60% year-to-date. In early 2018 the stock price sat above £20 ($25.30).
The company said: "Under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules, the Company is required to publish its audited full year 2023 results by 29 August 2023. The Company is currently working with its auditor, RSM UK Audit LLP, to complete the final technical points of the audit of its full year 2023 results and expects to announce later this week.
"The board confirms that the delay is a result of normal procedures taking longer than anticipated during the first year that RSM are auditing the company."
The share suspension is just the latest issue for Superdry, which has struggled over the last five years due to the COVID-19 pandemic, a shift to online shopping, and retailers facing an ongoing cost of living crisis.
It has been looking to raise extra cash in a bid to help fund its turnaround plan and £35m cost reduction programme.
It secured £25m from restructuring specialist Hilco Capital earlier this month on top of an £11.1m equity raise in May.
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