In other news, Trump has nominated billionaire Howard Lutnick for commerce secretary, and Tiger Management is in a legal dispute with Hound Partners, one of the hedge funds it initially backed. Amazon is trying to save its Alexa voice assistant with new AI powers, but has faced several problems. Google's antitrust loss could cost Apple billions, as Google pays Apple $20 billion annually to be the default browser on iPhones. Lastly, Trump's cabinet picks could get richer in office due to a little-known loophole that allows them to delay capital gains taxes on assets they're required to sell when transitioning to the public sector.
Key takeaways:
- Nvidia is set to report its much-anticipated third-quarter earnings, with Wall Street keen for an update on the demand for Nvidia's new Blackwell GPU, a bellwether for the industry's appetite for continued investment in AI.
- There are concerns about the Blackwell chips overheating, and customers need to invest in liquid cooling solutions to ensure they operate efficiently. This is an additional cost to consider alongside the energy required to fuel them.
- Trump has nominated billionaire Howard Lutnick, the CEO of Cantor Fitzgerald, for commerce secretary. If confirmed, Lutnick will be in a pivotal position to deliver on Trump's economic campaign promises.
- Amazon is trying to save its voice assistant, Alexa, with new generative-AI powers, but the rollout has been hampered by various problems, including issues with partners like Uber and Ticketmaster, compatibility problems, and accuracy issues.