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Nvidia ( NVDA -3.22% ) did it again. The AI chip superstar delivered another round of smashing results, easily beating estimates in its third-quarter earnings report on Nov. 20. Revenue jumped 94% in the quarter to $35.1 billion, which topped the consensus at $33.1 billion, and adjusted earnings per share (EPS) more than doubled from $0.40 to $0.81, ahead of estimates at $0.75. Shares pulled back slightly on the news as investors have gotten accustomed to the chip titan regularly besting expectations, and some analysts wanted to see stronger fourth-quarter guidance, which called for $37.5 billion in revenue -- a 70% increase from the quarter a year ago. At the time of this writing, Nvidia is now worth $3.5 trillion. It's the most valuable company in the world, but it's only natural to wonder if it will be the first to make it to the $4 trillion milestone. That seems likely, and it could happen sooner than you think. 1. Supply is still the biggest constraint Nvidia has been reporting eye-popping revenue growth since the launch of ChatGPT. In fact, this was the first time in six quarters that the company failed to deliver triple-digit sales growth, though you're not going to hear any complaints about a 94% jump on the top line. Even as Nvidia's growth naturally moderates, the amount of revenue it's adding each quarter is still expanding, showing that the business is still accelerating. But what's even more impressive is that its third-quarter revenue increase doesn't reflect the underlying demand for its product. That continues to outstrip supply, which is constrained by Taiwan Semiconductor Manufacturing 's ability to produce its chips. On the third-quarter earnings call, chief financial officer Colette Kress described demand for the new Blackwell platform as "staggering" and demand for the legacy Hopper platform as "exceptional." Speaking about the Blackwell platform, she added, "We are racing to scale supply to meet the incredible demand customers are placing on us," and she forecast that Blackwell demand would exceed supply for several quarters in fiscal 2026. It's impossible to quantify the company's demand, but its quarterly revenue should be seen as a baseline for its potential revenue rather than an accurate reflection of demand for its products. 2. It has beaten back the bears Wall Street is overwhelmingly bullish on Nvidia and has been for some time. Even as the company slipped on the earnings report, over a dozen analysts raised their price targets on the stock. But there are bearish arguments against the stock. First, some investors believe that competition will eventually erode Nvidia's advantage. However, AMD and Intel have already launched their competing AI accelerators, and so far, they do not seem like a threat to Nvidia. AMD stock fell after its third-quarter earnings report due to disappointing guidance, and it said it would lay off 4% of its workforce. Intel, meanwhile, faces a wide range of challenges after announcing a massive restructuring in August. Nvidia's data center revenue run rate has now reached $120 billion, and with built-in competitive advantages like its CUDA software library, catching it may be impossible. Another bearish view cites concerns about an " AI bubble " forming as Wall Street is anxious to see more revenue from Nvidia's customers, including cloud hyperscalers. But the chipmaker's report should push back on that narrative as well because the company is experiencing demand from a wide range of companies, which are using AI for purposes well beyond large language models. Asked about scaling limitations on large language models, CEO Jensen Huang responded that scaling up is continuing and is going beyond its conventional focus in training to post-training and inference. While a risk of a bubble forming always exists in any high-growth asset class, Nvidia's results indicate there's no sign of a pullback so far, nor do there seem to be underlying structural concerns. 3. The stock is cheaper than it looks After the third-quarter report, Nvidia now trades at a trailing price-to-earnings ratio (P/E) of 55, which is roughly double that of the S&P 500 , but the business is growing so fast that trailing metrics don't really tell the story. It reported adjusted EPS of $0.81 in the third quarter, and extrapolating that over four quarters would give you a P/E of 44, which seems to be a more accurate reflection of its existing valuation. Even forward estimates don't seem to be the best indicator, since Nvidia regularly tops them. Currently, the consensus calls for earnings of $4.31 per share in fiscal 2026, which ends in January 2026. Based on that forecast, the stock has a forward P/E of just 34. Over the last four quarters, however, Nvidia has beat consensus EPS by an average of 9%. If it continues that pattern, the company will deliver EPS of at least $4.70 next year, giving it a forward P/E of 31, nearly on par with the broad market. Those ratios don't even factor in the chipmaker's soaring growth as its EPS is still doubling on a year-over-year basis. $4 trillion is within sight To reach a market cap of $4 trillion, the stock would only have to gain 14% from here, which seems very possible by the end of the year. Nvidia just delivered another flawless round of results, and it remains the dominant force in the next major computing platform. The company will get to a $4 trillion market cap at some point. The only question is when.None
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“Marley was dead: to begin with,” begins Charles Dickens’s A Christmas Carol, the ghostly morality tale of miserly Ebenezer Scrooge who, through a series of encounters with spirits in the early hours of Christmas morning, realises he needs to change his ways. It is an imagined story – there is no Scrooge and, unlike his unfortunate business partner, he is not dead. But that does not appear to have mattered to a vandal in Shropshire, where a gravestone of Scrooge used in a 1984 film adaptation has been smashed into multiple pieces. The prop, a heavy piece of stone several centimetres thick engraved with the name “Ebenezer Scrooge”, has lain in the graveyard of St Chad’s church, Shrewsbury, since the movie 40 years ago starring George C Scott. While Scrooge is definitely fictional, the stone may have belonged to an unknown real person whose name was weathered away over hundreds of years, according to a BBC interview with Martin Wood, Shrewsbury’s town crier , who was a body double in the film. It can be seen in the scene where Scrooge, described by Dickens as “a squeezing, wrenching, grasping, scraping, clutching, covetous, old sinner”, is taken to the grave of an unloved man by the Ghost of Christmas Yet to Come and discovers it bears his own name. Town council clerk Helen Ball said the prop was a popular attraction in the village. “It’s one of those things that is very dear to everybody’s hearts,” she told BBC Radio Shropshire. “When you look at the Facebook messages that people put on yesterday, it’s united a community in terms of the disgust that somebody can do that.” The movie was filmed around Shropshire and is one of a number of beloved adaptations of the book, which also includes a 2019 Stephen Knight miniseries for the BBC with Guy Pearce, a Disney version with Jim Carrey and, arguably the most faithful of all, the Muppet Christmas Carol with Michael Caine as Scrooge and narrated by Gonzo as Dickens. Ball said the damage had been reported to the police when it was discovered on Sunday morning but the identity and motive of the culprit was unknown. She said: “Maybe if it’s someone in their drunken revelry, they might have posted it on Facebook or something, and maybe somebody with a bit of conscience might let us know who that is. “Or equally,” she said, providing a potentially satisfying ending, “the person who did it may have a conscience and decide to own up”. Ball added, in true Victorian style, it would be a “good reason to bring the stocks back”.
Facing SC State, Georgia aims for best start in nearly a centuryThe United Nations is calling for an urgent revival of Iran nuclear deal talks, emphasizing the deal's significance for global peace. The Joint Comprehensive Plan of Action, from which the U.S. withdrew in 2018, remains a focal point for international diplomacy. In legal news, Luigi Mangione has been indicted for the murder of UnitedHealth executive Brian Thompson. Prosecutors describe Mangione's act as a calculated attempt to 'sow terror,' with potential life imprisonment looming if found guilty. Meanwhile, Canada has committed to enhanced border security, engaging in discussions with the U.S. about surveillance and technology strategies. This initiative aims to bolster bilateral relations as the countries navigate changing political climates. (With inputs from agencies.)
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On a wintry night in Turin, the All Blacks faced a tenacious Italian squad, ultimately emerging victorious with a 29-11 win. Will Jordan, New Zealand's fullback, described the match as a tough battle, where Italy's electrifying energy kept the All Blacks on their toes. The victory was hard-fought, with New Zealand initially struggling against Italy's aggressive gameplay before securing a halftime lead. The autumn tour not only ends with a win but also highlights the All Blacks' growth since their Rugby Championship loss to South Africa. This game also marked the final test appearance for Sam Cane and TJ Perenara, both deeply revered within the team. As they transition to rugby in Japan, their contributions to New Zealand rugby remain celebrated and deeply impactful. (With inputs from agencies.)
Manmohan Singh: A forthright Finance Minister
We Now Have The Worst Excuse For Kamala’s Crushing LossAVANTE ANNOUNCES APPOINTMENT OF VICE PRESIDENT OF SALES & MARKETINGReducing the carbon footprint of major exports has become more doable as other nations introduce emission charges at their borders, the head of Australia's carbon leakage review says. or signup to continue reading "Carbon leakage" is not a very helpful term because it makes people think it's about something leaking from a pipeline," professor of environmental and climate change economics Frank Jotzo told AAP. "Really it's about carbon competitiveness - that's a better label for it, but that's not the nerdy, technical label it has," Professor Jotzo said. His review focused on the risk of the displacement of jobs and emissions offshore and the feasibility of an Australian carbon border adjustment mechanism. The 2024 review examined ways to sustain Australia's heavy industries in the long term, and make sure local production is not disadvantaged compared to imports from other countries where there is not an equivalent climate policy. Prof Jotzo said a "carbon border adjustment mechanism for a few select commodities and in a measured way" had been identified in the final report as the durable solution, and as a useful way to complement the safeguard mechanism. For almost a decade, Australia has relied on the so-called safeguard mechanism - under Labor and coalition governments - to encourage leading industries to stop increasing emissions and invest in decarbonisation. The review found subsidies for decarbonisation investment also had a role but were not a systematic solution to carbon leakage, and relied on public finance that might not always be available, Prof Jotzo said. and the are introducing levies on carbon-intensive products, which sparked fresh discussions - and support from some industry groups - for Australia to have a version of what is known as a carbon border adjustment mechanism or CBAM. Europe's CBAM may be irrelevant for Australia's major exporters but the main effect was to make it possible for other countries to consider a similar mechanism, according to Prof Jotzo. Climate Change Minister Chris Bowen commissioned the Jotzo review to assess and counter the risk of carbon leakage for Australian industries that produce a lot of heat - and therefore greenhouse gas emissions - during production. The existence of carbon leakage, even if at moderate levels, has important implications for economic, industrial and trade policy design, . But calculations by the global economic body also suggested carbon leakage through international trade was offsetting "modest" domestic emission reductions by aluminium, cement and steel plants. "The main commodities in the spotlight are the heavy industrial commodities where the carbon emissions are high compared to the volume of the product - cement and pre-products like clinker and lime, steel, and ammonia," Prof Jotzo said. "Australia imports these things and we make them ourselves and they are part of the safeguard mechanism in terms of reducing the baseline emissions rates for their production in Australia." Most countries that Australia imports from do not have similar obligations, so that introduces an imbalance that needs to be deal with in some way, he said. There are special provisions in place under the safeguard mechanism for the more trade-exposed heavy industries, which means their facilities are required to reduce baseline emissions less than plants. "But that's complicated and not necessarily the solution you want for the long term," Prof Jotzo said. "It's constantly contested and creates the ongoing need to check whether the bandaid is still the proper size." Labor is expected to stall on adopting the recommendations. Nor has the coalition declared a position, with the latest opinion poll deadlocked heading into the 2025 election. DAILY Today's top stories curated by our news team. WEEKDAYS Grab a quick bite of today's latest news from around the region and the nation. WEEKLY The latest news, results & expert analysis. WEEKDAYS Catch up on the news of the day and unwind with great reading for your evening. WEEKLY Get the editor's insights: what's happening & why it matters. WEEKLY Love footy? We've got all the action covered. WEEKLY Every Saturday and Tuesday, explore destinations deals, tips & travel writing to transport you around the globe. WEEKLY Going out or staying in? Find out what's on. WEEKDAYS Sharp. 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