Nvidia delivered a record quarter and signaled that the AI boom is still going strong, driving its already meteoric stock up Wednesday evening above $1,000 a share. The chips made by Nvidia have powered the rise of artificial intelligence, which is threatening to disrupt virtually every major industry. Chief Executive Jensen Huang declared the beginning of a new industrial revolution where Nvidia was helping turn $1 trillion of data centers into “AI factories.” “AI will bring significant productivity gains to nearly every industry and help companies be more cost- and energy-efficient,” Huang said Wednesday. Nvidia executives also told analysts that demand remains strong for the company’s current AI chip as well as for its next-generation product expected later this year. Revenue in the latest quarter more than tripled from a year earlier to $26 billion, and net profit soared more than sevenfold to $14.88 billion. Both numbers were quarterly records for Nvidia and beat analysts’ expectations. The share price rose by 3.7 percent in after-hours trading.

The Switzerland market ended weak on Wednesday, extending losses from the previous session, with investors continuing to take some profits after a long winning run. Also, data showing a bigger than expected increase in U.K.'s consumer prices in the month of April raised concerns about the outlook for interest rates. The benchmark SMI ended with a loss of 42.83 points or 0.36% at 11,958.67. The index touched a low of 11,929.56. Swatch Group, Richemont and Swiss Life Holding lost 2 to 2.1%. Roche Holdings ended down by about 1.3%, while Novartis and ABB drifted lower by 0.78% and 0.72%, respectively. Ems Chemie Holding ended down 2.35%. Avolta, Barry Callebaut, Meyer Burger Tech, Helvetia and Flughafen Zurich lost 0.5 to 1.7%. Alcon rallied about 2.5%. SGS gained 2.3%, while VAT Group, Straumann Holding and SIG Group ended higher by nearly 1.4%. Holcim, Lindt & Spruengli, Schindler Ps and Sandoz Group also closed on firm note.

Europe
European stocks closed lower on Wednesday, weighed down by data showing a bigger than expected increase in consumer price inflation in the U.K. in the month of April, adding to concerns about the outlook for interest rates, after some hawkish comments from a few Fed officials suggested the U.S. central bank might keep interest rates higher for longer. Data from the Office for National Statistics showed that the U.K. consumer price inflation weakened to the lowest since July 2021. The pan European Stoxx 600 ended down by 0.34%. The U.K.'s FTSE 100 dropped 0.55%, Germany's DAX drifted down 0.25% and France's CAC 40 lost 0.61%, while Switzerland's SMI ended lower by 0.36%. Among other markets in Europe, Austria, Denmark, Greece, Netherlands, Norway and Poland closed weak. Belgium, Iceland, Portugal, Russia and Sweden ended higher, while Finland, Spain and Turkiye closed flat. In the UK market, Antofagasta tumbled nearly 6.5%. Glencore, Ocado Group, Barclays Group, St. James's Place, WPP, Rio Tinto, Barratt Developments and 3i Group lost 2 to 3.4%. RS Group shares drifted lower after underlying annual profits fell 25%. British Land shares eased the company announced that it is selling its stake in Sheffield's Meadowhall shopping centre for £360m. Marks & Spencer rallied 5.2%. The retailer announced its first dividend since 2019 after reporting its highest profit in more than a decade. Smith (DS) and B&M Value Retail ended down 2.6% and 2.5%, respectively. Auto Trader Group, GSK, Compass Group, ICG and Diploma also posted strong gains.

United States
Stocks fell Wednesday after minutes from the Federal Reserve’s latest policy meeting showed concerns about persisting inflation and cast more doubt on when officials might cut interest rates. The S&P 500 declined 0.3% and the Nasdaq Composite edged 0.2% lower after both indexes closed at all-time highs in the prior session. The Dow Jones Industrial Average shed about 200 points, or 0.5%. Minutes from the Fed’s meeting three weeks ago showed policymakers were uncertain about sticky price pressures and agreed that recent data didn’t make them confident that inflation was moving toward the central bank’s 2% goal. Some officials mentioned “a willingness to tighten policy further should risks to inflation materialize in a way that such an action became appropriate,” the minutes said. In other quarterly earnings, Target shares fell 8% after the company reported a fourth consecutive quarter of declining comparable sales. Its results showed shoppers pulling back on discretionary spending, as they contended with elevated prices for everyday necessities. Toll Brothers shares declined 8.5% despite the home builder’s better-than-expected profit report. Shares of solar companies extended a recent rally, boosted by optimism that new tariffs on Chinese solar panels, surging power demand and federal subsidies will boost the sector. First Solar shares rose 19% and Enphase Energy added 8.7%.

Asia
Stock markets in East Asia and Australia were mixed on Thursday. Buying appetite is generally muted after the minutes of the latest US Federal Reserve meeting, which were published late on Wednesday, spoke against interest rate cuts in the near future. The Chinese stock markets are falling more sharply. In Shanghai, the Composite Index lost 1.0 per cent. In Hong Kong, the Hang Seng Index fell by 1.4 per cent. Interest rate concerns are causing the recent rise in the prices of various commodities to recede, which is also weighing on shares in the sector.

Bonds
The yield on the U.S. 10-year Treasury note - a benchmark for mortgages and other borrowing costs -rose to 4.433%, from 4.414%..

Analysis
UBS lowers Ryanair target to EUR 24 (26.50) – Buy
Citi raises Monte dei Paschi di Siena target to EUR 5.30 (4) – Neutral
JP Morgan lowers Sartorius target to EUR 330 (340)

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