📵 Australians just got the ultimate "Do Not Disturb" pass! 😴 New law says you can now ignore those after-hours work texts without getting in trouble.(1) 🎉 But be careful—if your boss thinks you’re ghosting unreasonably, the fines might be scarier than your unread emails! 💸📧
amana’s Take
As Nvidia gears up to announce its earnings, Wall Street is abuzz with high expectations. The chipmaker is at the center of the AI revolution, and investors are banking on big numbers: a jaw-dropping 109% spike in earnings and a 99% revenue bump year-over-year. Nvidia’s been on a tear this year, up 160%, but analysts still see room for growth.
Eyes are not just on the numbers. Investors are eagerly awaiting news on Nvidia’s latest advancements, particularly the much-hyped Blackwell chip and demand for Hopper GPUs. These innovations could keep Nvidia ahead of the pack in the AI arms race, making this earnings call more than just a numbers game—it’s about future-proofing.
The AI boom has been Nvidia’s ticket to stock market stardom, but what’s next? Investors want to hear the company's take on the future of AI and chip demand as tech stocks, Nvidia included, start to settle down after a roller-coaster ride. The market is looking for signals on where Nvidia—and AI—is headed next.
Stock Market Update
🚀📈 Wall Street had a field day on Friday after Fed Chair Jerome Powell signaled rate cuts might be on the horizon. The Dow rose 1.14% to 41,175.08, the Nasdaq 100 climbed 1.18% to 19,720.87, and the S&P 500 rocketed 1.15% to 5,634.61.(2) Talk about ending the week with a bang! 🎉↗️
⬆️⬇️ Meanwhile, Gulf stocks played seesaw largely for the same reason. Saudi Arabia added 0.5% to 12,263, while Qatar eased 0.2% to 10,105.(3) 🎢🛼
🤖🚀 AI Bots Ready to Blast Off into Your Daily Life
As AI technology reaches new heights, the next generation of autonomous bots is set to revolutionize how we manage everyday tasks. According to The Wall Street Journal, these AI "agents" will handle everything from booking trips to managing investments, all without human interference.(4) They’re not just following orders; they’re on a mission to make your life easier. Get ready—AI is about to take off! 🚀🤖
🔧🛠️ AI Mission Control:
Travel Planning: Priceline’s AI "Penny" will manage bookings and handle your travel plans seamlessly. ✈️
Dining Out: Loman AI’s bots will book your restaurant reservations and even chat with other bots to sync your schedule. 🍽️
Investing: Finley AI offers personalized financial guidance and can execute trades on your behalf. 📈
Shopping: Google’s Vertex AI will help you find and purchase the perfect outfit. 🛒
As AI bots continue to evolve from ChatGPT, they're primed to become essential copilots in our daily routines. From finding love to planning your next vacation, these bots are gearing up to take on the most tedious tasks, so you don’t have to. As companies like Google and Amazon invest heavily in AI, the future is set to be automated, efficient, and out of this world. Ready for the AI blast-off? 🌌🚀
Closer to Home
💰 Saudi Telecom’s (stc) board recommended a 37.5% dividend boost, upping payouts from SAR 1.6 to SAR 2.2 per share, raising total dividends to SAR 11B over three years. All it needs now is a thumbs up from the General Assembly!(5)
💸 The UAE’s non-oil trade hit a record AED 1.4 trillion in H1 2024, up 11.2% YoY. The UAE is also eyeing AED 3 trillion non-foreign trade by year's end.(6) Talk about raising the stakes! 🤑
🏘️ Real estate across the GCC is on a roll, backed by solid fundamentals and eager investors. Markaz projects a bullish H2 2024 for Kuwait, Saudi Arabia, and the UAE with macro index scores of 3.5, 3.7, and 3.6, respectively.(7) 🏠
What Else Is Trending
📈 July saw US new home sales hit a 14-month high, jumping 10.6% to a seasonally adjusted annual rate of 739,000 units, thanks to a dip in mortgage rates.(8) The housing market is flexing its muscles again! 💪
🛢️ Meanwhile, oil prices surged 2% on Friday as the Fed hinted at rate cuts. Brent climbed 2.33% to $79.02 and WTI advanced 2.49% to $74.83.(9) ⛽
🪙 Lastly, spot gold prices sparkled 1.2% higher at $2,512.63 as the dollar and Treasury yields dipped after Fed Chair Jerome Powell signaled a September rate cut.(10) ✨
💬Quote of the Day
“Artificial intelligence is likely to be either the best or worst thing to happen to humanity.” — Elon Musk
