Nvidia earnings clear lofty hurdle set by analysts amid fears about an AI bubble

SAN FRANCISCO (AP) — Nvidia’s sales of the computing chips powering the artificial intelligence craze surged beyond the lofty bar set by stock market analysts in a performance that may ease recent jitters about a Big Tech boom turning into a bust that topples the world’s most valuable company. The results announced late Wednesday provided a pulse check on the frenzied spending on AI technology that has been fueling both the stock market and much of the overall economy since OpenAI released its ChatGPT three years ago. Nvidia has been by far the biggest beneficiary of the run-up because its processors have become indispensable part of AI technology. The company's stock price rose more than 5% after the quarterly numbers came out.

Nvidia's earnings attest to its leadership in the AI race. By the numbers

Nvidia reported more eye-catching numbers for its fiscal third quarter Wednesday, with net income jumping 65% and revenue increasing 62% from a year earlier. Nvidia last month became the first public company to reach a market capitalization of $5 trillion. The ravenous appetite for the Silicon Valley company’s chips is the main reason that the company’s stock price has increased so rapidly since early 2023. A look at some of the numbers behind the company's rise.

Trump says allowing skilled immigrants to train US workers 'is MAGA'

WASHINGTON (AP) — President Donald Trump is again expressing support for skilled immigrants training U.S. workers in high-tech factories. Speaking at the U.S.-Saudi Investment Forum on Wednesday, Trump stated that this aligns with his "Make America Great Again" agenda, despite staunch opposition from some in his base. Trump sparked outcry among some MAGA supporters with similar comments last week. He acknowledged potential backlash on Wednesday, but argued that complex manufacturing requires expertise not always found in the current domestic workforce. The president cited the recent case involving South Korean workers at a Hyundai plant in Georgia — some of whom were deported but then returned to the U.S. — to illustrate his point.

Border Patrol is monitoring US drivers and detaining those with 'suspicious' travel patterns

The U.S. Border Patrol is monitoring millions of American drivers nationwide in a secretive program to identify and detain people whose travel patterns it deems suspicious. The Associated Press has found that the predictive intelligence program has resulted in people being stopped, searched, and in some cases arrested. A network of cameras scans and records vehicle license plate information, and an algorithm flags vehicles deemed suspicious based on where they came from, where they were going, and which route they took. Federal agents in turn may then flag local law enforcement. The Border Patrol’s parent agency said they use license plate readers to help identify threats and disrupt criminal networks and are governed by "federal law and constitutional protections.”

Meta alerts young Australians to download their data before a social media ban

MELBOURNE, Australia (AP) — Meta has started notifying young Australians to download their digital histories and delete their accounts from Facebook, Instagram, and Threads. This comes ahead of a new law banning social media for those under 16. The Australian government announced that platforms including Snapchat, TikTok, and YouTube must comply with age resrictions by Dec. 10. Meta on Thursday became the first to outline its compliance plan, contacting young users via SMS and email. The messages warn that access will be denied from Dec. 4. Users mistakenly flagged can verify their age through Yoti Age Verification, which uses selfies to estimate a person's age for online and in-person services. Failure to comply could result in hefty fines for the platforms.

Fed minutes: Most officials supported more rate cuts but not necessarily in December

WASHINGTON (AP) — A majority of Federal Reserve policymakers expressed support in late October for further interest rate cuts, though not all committed to making the reduction at their next meeting in December, according to minutes released Wednesday. At the same time, many officials said “it would likely be appropriate” to keep rates “unchanged for the rest of the year,” a sign of strong divisions among policymakers about the central bank’s next steps. Fed officials are deeply split over the biggest threat to the economy: weak hiring or stubbornly-elevated inflation.

Asian shares surge as Nvidia's strong quarterly earnings lift sentiments

MANILA, Philippines (AP) — Asian shares have surged after Nvidia reported stronger than expected quarterly earnings, soothing worries that AI-driven stock prices may have shot too high. US futures and oil prices were higher. Benchmarks in South Korea and Taiwan rose over 3%. On Wednesday, U.S. stocks swung through a volatile day of trading. The S&P 500 added 0.4% and the Dow Jones Industrial Average rose 0.1%. The Nasdaq composite gained 0.6%. Nvidia's shares climbed 2.9% as traders maneuvered before Wall Street’s most influential stock delivered its profit report, which arrived after the end of the US trading day. Nvidia gained 5.1% in after-hours trading.

Trump urges Treasury Secretary Bessent to take Federal Reserve job

WASHINGTON (AP) — For the second time in two days, President Donald Trump said he would like to appoint Treasury Secretary Scott Bessent to chair the Federal Reserve. Despite his protestations, Bessent is widely seen as a leading potential replacement for Powell. Trump has been sharply critical of the current Fed chair, Jerome Powell, whose term ends in May, for not cutting interest rates quickly enough. Trump's pick will almost certainly push for rapid interest rate cuts and likely institute wide-ranging changes in how the Fed operates.

Sharp disagreements over economy threaten Federal Reserve interest rate cut

WASHINGTON (AP) — What was once seen as a near-certain cut in interest rates next month now looks more like a coin flip as Federal Reserve officials sharply disagree over the economy’s health and whether stubborn inflation or weak hiring represent a bigger threat. In several speeches in the past week, some policymakers have registered greater concern over persistent inflation in an echo of the “affordability” concerns that played a large role in elections earlier this month. At the same time, another camp is much more concerned about meager hiring and the threat that the “low-hire, low-fire“ job market could worsen into one where layoffs become more widespread.

FlyDubai orders 75 Boeing 737 MAX aircraft in deal worth $13 billion as Emirates buys Airbus A350s

DUBAI, United Arab Emirates (AP) — FlyDubai says it has ordered 75 Boeing 737 MAX aircraft in a $13 billion deal. The airline also has options to purchase another 75 planes. Long-haul carrier Emirates also says it has ordered eight Airbus A350-900 aircraft at a list price of $3.4 billion. The announcements come after Emirates earlier purchased 65 Boeing 777-9s with list price of $38 billion at the Dubai Air Show. FlyDubai earlier bought 150 Airbus A321neo aircraft for $24 billion at the show. Both airlines are preparing for a major new airport project that will allow the carriers to fly more routes.