Nvidia’s stellar sales briefly dispel bubble fears as Reeves readies for high-stakes budget

The mercury has dropped, the nights have drawn in and winter has really started to set in. The markets too have had a distinctly bleak and wintry feel of late, as investors chilled to the bone by the thought of an AI bubble have run for the exits. However, there was a brief thaw this week as the world’s biggest company, Nvidia (NVDA), once again dazzled with a set of extraordinary results and forward guidance.

The chipmaker posted sales and profits up more than 60% year-on-year, stronger than Wall Street had projected. CEO Jensen Huang declared that “sales are off the charts.”

“There’s been a lot of talk about an AI bubble,” Huang said on a call with analysts. “From our vantage point, we see something very different.”

The impressive numbers sparked a brief rebound in tech shares. But it may not be enough to reverse a sell-off that’s been gathering pace and threatening to snowball.

In the UK there was good and bad news for chancellor Rachel Reeves as the countdown to her much-hyped autumn budget enters its final phase.

On the plus side, official data showed inflation had eased in October for the first time in five months, slipping to 3.6% from 3.8% and opening the door wider for an interest rate cut in December A slowdown in gas and electricity price rises was the drag on overall inflation.

In a statement, Reeves said: “This fall in inflation is good news for households and businesses across the country, but I’m determined to do more to bring prices down. That’s why at the budget next week I will take the fair choices to deliver on the public’s priorities to cut NHS waiting lists, cut national debt and cut the cost of living.”

On the downside, government borrowing overshot expectations by some margin in October. Not what Reeves was hoping for less than a week before her crunch budget.

Let’s take a look at these and other stories making waves in the last few days.

Nvidia CEO hits back at AI bubble: ‘We see something very different’

Nvidia (NVDA) took its detractors to task during the company’s Q3 earnings call on Wednesday, with both CEO Jensen Huang and CFO Colette Kress launching broadsides against investor concerns related to an AI bubble.

Huang didn’t dance around the topic, immediately addressing it in his prepared statement and laying out why he believes Nvidia is uniquely positioned to continue leading the AI market. It didn’t hurt the CEO’s argument that Nvidia beat Wall Street’s expectations on both the top and bottom lines for the prior quarter and issued better-than-anticipated guidance for the current fourth quarter.

Government borrows more than expected in blow for Reeves

Though October’s headline number of £17.4bn was down from September and lower than a year ago, it was signifiacntly higher than consensus expectations. It was also, notably, the third-highest borrowing figure for October since monthly records began in 1993.

Professor Joe Nellis, economic adviser at accountancy and advisory firm MHA, said that October’s borrowing figure paints a “challenging picture for the public finances … reinforcing the fiscal squeeze facing the chancellor ahead of the budget”.

How I offer the most sought-after supercars to ultra-rich clients

Luxury lifestyle entrepreneur Ike Ordor helps today’s asset-light customers enjoy access to more than 2,500 supercars worth over £1bn, from Bugattis to Range Rover Vogues, across 60 cities worldwide. He does this via Starr Luxury Cars, the Mayfair-based concierge company he founded with just £5,000 of start-up capital.

Ordor’s clients may drive a Ferrari in Milan one weekend and a Bugatti in Dubai the next. Starr Luxury also provides chauffeur-driven vehicles and supplies vehicles for weddings, film shoots and corporate events.

“There are a lot of startups who are ambitious and have aggressive growth targets which become a penalty for themselves,” says Ordor. “We have consistently worked on moving at a great pace rather than aggressive growth.”

Ask our financial experts your biggest budget questions

Rachel Reeves’ much-discussed budget is only days away and many key questions remain unanswered. With high unemployment and slowing economic growth, the chancellor faces significant pressure to deliver a budget that can help address Britons’ most pressing financial concerns. As with every budget, though, there will be winners and losers.

We are keen to hear what you think. What are the big questions that you’d like answered? Are you worried about your pension or savings? Or are property-related taxes a higher priority for you?

Please share your questions here by Monday 24 November. We will aim to have our team of financial experts answer your questions in a follow-up article.

One to watch: How quantum computing is changing the face of F1

The BWT Alpine team have teamed up with SEALSQ, a quantum computing company listed on the Nasdaq, in a new technology partnership. The partnership will focus on investigating the application of quantum-related technologies across aspects of BWT Alpine Formula One Team’s operation and security systems.

Carlos Moreira, SEALSQ’s CEO explained to Yahoo Finance’s Ramzan Karmali how his firm’s technology will help the motor racing team as it gears up for the Las Vegas Grand Prix.

After countless weeks of budget rumours and speculation about which taxes will be raised, it’s no surprise people feel compelled to do try and mitigate the potential hit. Fortunately, a Hargreaves Lansdown survey found most of the things they’re doing are the kinds of steps they’ll be grateful for in the long run.

By far the most common step was to open a cash ISA. This was followed by putting money into a stocks and shares ISA and contributing to a pension. This was a relief, given that they’re eminently sensible steps. However, there are plenty more options, and some pitfalls to avoid: Tax-saving steps to take ahead of the budget

Wicked: For Good, the sequel to Wicked, is finally in cinemas, bringing the colours pink and green back into the spotlight. But you don’t need to be a fan of these Wizard of Oz-inspired films to have noticed that pinks and greens are everywhere.

The perfect antidote to grey wintry weather, these complimentary colours transition beautifully from the big screen into our homes, brightening up rooms, deco and exteriors. From mint and blush to khaki and magenta, here’s our pick of colourful properties for sale incorporating one or both these shades: 9 pink and green homes to dispel winter gloom

Find more personal finance gems here

The UK autumn budget will be squarely in the spotlight in the coming week, along with earnings releases from a number major global companies.

Markets are bracing for billions in tax hikes when chancellor Rachel Reeves delivers her autumn budget on Wednesday, as she seeks to repair the country’s public finances.

In terms of earnings, Chinese tech giant Alibaba (9988.HK, BABA) is due to report, with investors eyeing the company’s level of AI spending and the returns it is generating from these investments.

Meanwhile, in the US tech sector, Dell (DELL) is to release third-quarter earnings, though the company offered a mixed outlook for Q3 in its previous set of results.

In Europe, Rémy Cointreau (RCO.PA) is slated to report, with recent sales figures having already given investors a taste of what to expect from the French spirit maker’s half-year results.

On the London market, investors will be keeping an eye on EasyJet’s (EZJ.L) results, after the airline flagged its annual profit would be impacted by higher fuel costs and a strike by French air traffic control in the summer.

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