Nvidia reported record sales and strong guidance Wednesday, helping soothe jitters about an artificial intelligence bubble that have reverberated in markets for the last week. Sales in the October quarter hit a record $57 billion as demand for the company’s advanced AI data center chips continued to surge, up 62% from the year-earlier quarter and exceeding consensus estimates from analysts polled by FactSet. The company increased its guidance for the current quarter, estimating that sales will reach $65 billion - analysts had predicted revenue of $62.1 billion for the quarter. Shares in the world’s most-valuable publicly listed company rose 5.8% in after-hours trading Wednesday. Quarterly net income was $31.9 billion, 65% higher than a year earlier. Sales of Nvidia’s Blackwell line of graphics processing units - its most powerful chips yet - were “off the charts,” Huang said. Revenue from Nvidia’s data center segment set a record at $51.2 billion, beating analysts’ expectations of $49 billion. Nvidia’s stock price more than doubled between early April and late October, rising from the low $90s to more than $200 per share, but has lost ground in the last few weeks as bubble worries have grown. So far this year, it’s up about 30%.

After four consecutive days of losses, the Swiss stock market recovered slightly in midweek trading. The SMI rose by 0.4 percent to 12,531 points. The index had already reached a daily high of 12,597 points. Of the 20 SMI stocks, 13 gained and six lost ground, while one closed unchanged. A total of 16.45 (previously: 24.36) million shares were traded. Among individual stocks, Roche shares increased by 1.1 percent. The positive results from a late-stage study for the breast cancer drug Giredestrant are a welcome surprise for the pharmaceutical company, according to analysts at UBS. Richemont gained 0.7 percent. The luxury goods group performed strongly in the most recent quarter yet remains under margin pressure, according to Deutsche Bank. The group reported clearly better-than-expected sales figures for its second fiscal quarter. “Our relatively cautious assessment of Richemont is based on the fact that profit growth is subdued,” the analysts said. They added that this was due to pressure on gross margins from higher gold prices, US tariffs, and currency headwinds, as well as a high basis for comparison from the previous year in the second half of the year. Deutsche Bank is maintaining its “Hold” rating for the stock.

Europa
European stock markets closed lower on Wednesday amid caution ahead of chip giant Nvidia's earnings release in the evening. The Stoxx Europe 600 index fell less than 0.1% to 561.7 points. In Paris, the CAC 40 gave up 0.2% to 7,953.77 points, as did the SBF 120, which slipped to 6,007.29 points. In Frankfurt, the DAX 40 lost 0.1% and the FTSE 100 in London dipped 0.5%. INTERPARFUMS (-8.9%): The licensed perfume manufacturer slightly lowered its revenue target for 2025 on Wednesday, upon presenting an uninspiring outlook for the coming fiscal year. For the year as a whole, Interparfums now forecasts revenue “in the region of €890 million,” down from its previous forecast of “around €900 million.” VINCI (+1%): The construction and concessions group reported increased traffic in October at the airports and on its operated highways. VIRIDIEN (-3.8%): The oil services group confirmed on Wednesday the appointment of Henning Berg as chief executive officer effective June 3, 2026, as part of the separation of the CEO and chairman roles. Sophie Zurquiyah will remain Chair of the Board of Directors. In Paris, Vivendi shares plunged 13.6%. “Generally speaking, there are fears that the split will be overturned by a court,” said one trader.

Stati Uniti
After recent losses, Wall Street saw a slight recovery in midweek trading. The Dow Jones index gained 0.1 percent to 46,139 points and the S&P 500 rose 0.4 percent. The Nasdaq Composite advanced 0.6 percent. The 1,048 (Tuesday: 1,464) gainers on the NYSE were offset by 1,706 (1,268) losers. Seventy-two (104) stocks closed unchanged. Among individual stocks, Lowe's jumped 4 percent after the home improvement chain reported unexpectedly strong third-quarter results. These reassured investors following Home Depot's downward revision of its forecast the previous day. Home Depot shares lost 0.6 percent after initial gains. Target shares dropped 2.8 percent in the wake of the retailer's surprisingly strong third-quarter results, which were followed by a downward revision of its full-year earnings forecast. Semrush surged 74.1 percent. Adobe (-2 percent) plans to acquire the software platform in a $1.9 billion deal. Even before the quarterly figures were announced, Nvidia was among the major tech stocks gaining ground, with a 2.9 percent increase in its share price. Google's parent company Alphabet rallied 3 percent. The tech giant's Gemini 3 AI model was recently unveiled and received a generally positive reception.

Asia
Asian markets were trading higher on Thursday, led by chip and technology shares, after Nvidia’s record sales and strong guidance eased investor concerns about a bubble in the artificial intelligence sector. In Tokyo, the Nikkei index shot up 2.8 percent to 49,898 points, while the Kospi in Seoul jumped 3.1 percent. The stock markets in Shanghai and Hong Kong saw significantly less movement, with gains of up to 0.4 percent. In Sydney, Australia, trading has already ended with a plus of 1.2 percent. In Seoul, the share prices of Nvidia suppliers SK Hynix and Samsung Electronics increased by 3.0 and 6.2 percent, respectively, while in Tokyo, semiconductor stocks Advantest and Tokyo Electron climbed 8.3 and 4.9 percent. Softbank improved by 2.6 percent after recent heavy losses. The technology holding company had completely divested itself of its stake in Nvidia in October.

Obbligazioni
Long-dated U.S. government debt yields edged higher on Wednesday. The 10-year Treasury note yield added 0.012 percentage points to 4.132%. The 2-year Treasury note yield climbed 0.016 percentage points to 3.596%. According to the CME's FedWatch tool, the probability of a Fed rate cut in December is now only 34% on the futures markets on Wednesday evening, down from 50% the previous day.

Analisi
Target price for AMS Osram: UBS lowers to CHF 14.00 (14.80) – Buy
Rating Sonova: Royal Bank of Canada starts with Outperform – Target CHF 250
Target price SGS: UBS raises to CHF 90 (88) – Neutral

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