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DealBook: Investors shrug off Nvidia’s “A.I. Woodstock”
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March 19, 2024
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Good morning. In today’s newsletter, we examine the lackluster market reaction to the “A.I. Woodstock”; dig into Donald Trump’s charm offensive with potential donors; assess Japan’s exit from negative interest rates; and explain why the S.E.C. is taking on “A.I. washing.” (Was this newsletter forwarded to you?
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<img alt='Jensen Huang, Nvidia’s C.E.O., in front of a black screen with "Generative AI" written over an object that has green arrows on either side of it.' class="css-1ytstr3" height="407" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2024%252F03%252F19%252Fmultimedia%252Fdb19-Nvidia-mfpw%252Fdb19-Nvidia-mfpw-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3MTA4NDk3OTYuNTI3MjkyNX0:1rmYBY:vxp6rp0QrA8IfmqDPjfv2huYJpofuewJZXkBBd1D0Tw" style="width:100%;height:auto;display:block;padding-top:10px;padding-bottom:8px" width="600"/>
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Jensen Huang, Nvidia’s C.E.O., unveiled the company’s latest A.I. chip yesterday as it hopes to build on its dominance in the sector.
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Are investors buying Nvidia’s latest A.I. vision?
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Nvidia’s stock has soared more than fivefold since ChatGPT debuted in November 2022, a rally that has vaulted the chipmaker into the trillion-dollar market cap club on the back of investor fervor for artificial intelligence — and the high-end processors that power these models.
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But shares in Nvidia are down in premarket trading this morning after investors gave the first day of the company’s annual developer conference (known as “A.I. Woodstock”) a tough grade. That’s even after the semiconductor company
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introduced its latest chip
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, which is capable of running increasingly complex computing models.
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:underline;font-weight:700;font-family:arial,sans-serif;color:#000">
Big money
</a>
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
is expected to continue flowing into A.I.
</span>
<span>
Nvidia and its peers (and their shareholders) have been
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
the first to profit
</a>
<span>
from this investment shift. But during a two-hour keynote speech yesterday, Jensen Huang, Nvidia’s C.E.O., painted a vision of A.I. turbocharging computing power, leading to a boom in robotics, autonomous transport, concierge-style retail and drugs discovery.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
The new chip, Blackwell, will be “the engine to power this new industrial revolution,”
</span>
<span>
he said. To underscore that, Nvidia recruited more than 100 customers — including from Amazon and the U.S. Army — to show off how they’re using the company’s hardware in their businesses.
</span>
</p>
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<span>
“One hundred trillion dollars of the world’s industries are represented in this room today,” Huang said to cheers from the packed SAP Center in San Jose, Calif. (Huang said that the event was
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
no rock concert
</a>
<span>
, before making a joking reference to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Taylor Swift
</a>
<span>
, who has performed there.)
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<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
One big new customer is the Novo Nordisk Foundation,
</span>
<span>
a top shareholder in the highly profitable Ozempic weight-loss drugmaker. The foundation and the Export and Investment Fund of Denmark announced that they would invest about $100 million in a new supercomputer powered by Nvidia chips and software.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Mads Krogsgaard Thomsen, the foundation’s C.E.O., told DealBook that the computer would be the most powerful of its kind in Europe, and would tackle “some of the world’s biggest challenges” in health care, climate science and the green transition.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
That may include drug discovery: While it took researchers over a decade to come up with the class of drugs that includes Novo Nordisk’s Ozempic and Wegovy, advanced technology could take years off that process, Thomsen said. “The performance of generative A.I. is lifting the whole pharmaceutical science to a new level,” he said.
</span>
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Some on Wall Street urge caution about the A.I. boom.
</span>
<span>
While many analysts see Nvidia sales growing robustly over the next two years on the strength of demand for its chips, others wonder if its sky-high valuation is justified.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
“Companies with high valuations often struggle to grow into their multiples regardless of realized growth rates,” analysts at Goldman Sachs wrote in an investor note ahead of yesterday’s event.
</span>
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<h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
<span>
HERE’S WHAT’S HAPPENING
</span>
</h3>
</td>
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Unilever plans to spin off its ice cream unit.
</span>
<span>
The move to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
separate out the division
</a>
<span>
, which includes the Ben & Jerry’s brand, is meant to streamline the consumer products giant’s operations and restart growth. It will also entail cutting 7,500 jobs. Shares in Unilever were up nearly 4 percent in London trading on the news.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Disney and Bob Iger win key support in their fight against Nelson Peltz.
</span>
<span>
Glass Lewis, an influential proxy advisory firm, recommended that shareholders back the entertainment company’s
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
slate of director nominees
</a>
<span>
. And the filmmaker
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
George Lucas
</a>
<span>
, Disney’s biggest individual shareholder, also said that he was voting for Iger and the company’s other nominees.
</span>
</p>
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Justice Department officials will reportedly brief senators on TikTok.
</span>
<span>
The
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
closed-door sessions
</a>
<span>
, scheduled for today and tomorrow according to Bloomberg, come as some lawmakers try to force the video app to separate from its Chinese parent, ByteDance. Lisa Monaco, the deputy attorney general, backs the legislation, citing national security concerns.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
The Supreme Court appears wary of limiting government contact with social media platforms.
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Justices questioned arguments
</a>
<span>
by Louisiana and Missouri that federal efforts to persuade tech companies not to publish information (without the use of coercion) represent an infringement of the First Amendment. The states and five individuals sued after Biden administration officials urged platforms to take down content related to coronavirus vaccines and election fraud.
</span>
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<h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
The Trump business empire is at risk
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Donald Trump has been busy courting potential donors (
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
perhaps including
</a>
<span>
people who had been critics like the financier Nelson Peltz) to refill his campaign coffers, and yesterday helped show why: His lawyers said in a court filing that he hadn’t been able to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
secure a $454 million bond
</a>
<span>
for a civil fraud case in New York.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The former president still has options, including help from wealthy supporters or a favorable decision from an appeals court. But otherwise, he risks losing prized assets — or having to take longshot moves like seeking bankruptcy protection.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
No one appears willing to provide an appellate bond of that size,
</span>
<span>
Trump’s lawyers disclosed. They said that they had reached out to 30 companies, including Chubb and Warren Buffett’s Berkshire Hathaway, but none were willing to accept property as collateral.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
That’s an issue because while Trump boasts of being a billionaire, a vast majority of his wealth is tied up in real estate holdings. He has already probably pledged over $100 million in liquid assets, like cash and easy-to-sell securities, to cover a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
bond in a defamation case against E. Jean Carroll
</a>
<span>
.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
The clock is ticking.
</span>
<span>
Attorney General Letitia James of New York has set March 25 as the deadline for Trump to post a bond. She could give him more time, or an appeals court could intervene.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
If neither happens, James could start seizing Trump’s bank accounts or, in a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
bigger blow to his identity
</a>
<span>
, some of his properties.
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Among the most likely targets
</a>
<span>
is Trump Tower, the building
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
most closely associated
</a>
<span>
with his public image. (That said, The Wall Street Journal notes that the process of seizing the real estate
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
would not be immediate
</a>
<span>
.)
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
There’s also a nuclear option,
</span>
<span>
according to The Times: putting some of the Trump company’s entities into Chapter 11, which would automatically halt the judgment against them.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
But Trump, who lived through a painful bankruptcy case in the 1990s, would most likely balk at that. And a bankruptcy filing could trigger defaults in his companies’ loans, setting off more litigation.
</span>
</p>
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<tbody>
<tr>
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<h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
Japan Inc. gets a boost of confidence
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The Bank of Japan ended eight years of negative interest rates this morning. Markets barely moved on the well-flagged decision. But it’s a symbolically important
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
policy change
</a>
<span>
nonetheless, and reflects changes to the Japanese economy.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
The bank lifted its prime lending rate to between 0 and 0.1 percent
</span>
<span>
, up from minus 0.1 percent and its first increase since 2007.
</span>
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
</span>
<span>
It also reversed other global financial crisis-era policies that include: abandoning its yield curve control, which it has used to cap the yield on 10-year government bonds at no more than 1 percent; and it will no longer buy exchange-traded funds.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Japan has been on a roll as investors worried about China look elsewhere.
</span>
<span>
The Nikkei 225 stock index hit a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
record high
</a>
<span>
last month, surpassing a level it last reached in 1989. And Japanese workers just secured their biggest pay rise in more than 30 years, suggesting that the bank is confident it has turned a corner on deflation.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Big-name investors like Warren Buffett are bullish.
</span>
<span>
The Berkshire Hathaway chief
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
bet big on Japan
</a>
<span>
during the coronavirus pandemic, investing billions in the country’s five big trading houses, and has
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
doubled down on that strategy
</a>
<span>
. Corporate governance
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
reforms
</a>
<span>
by the Tokyo Stock Exchange also appear to be attracting investors.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
The latest changes aren’t likely to reverse some big outflows though.
</span>
<span>
The country’s investors have spent about
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
$3 trillion in global bond markets and yen trades
</a>
<span>
as they looked for better returns abroad.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
The country still faces huge structural challenges.
</span>
<span>
“Japan’s big structural challenges — aging, population decline, sluggish consumption, high public debt and low economic growth rates — remain the same,” The Financial Times’s Robin Harding
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
notes
</a>
<span>
.
</span>
</p>
<table width="100%">
<tbody>
<tr>
<td class="css-1ux4czy" style="padding-bottom:15px">
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
</td>
</tr>
</tbody>
</table>
<h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
Gensler sets his sights on ‘A.I. washing’
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Gary Gensler, the S.E.C. chairman, has been trying for years to stop companies from using buzz words to mislead investors, including cracking down on
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
false claims about crypto
</a>
<span>
and on
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
greenwashing
</a>
<span>
, or passing investments off as more environmentally focused than they are. Now, he has a new target: “A.I. washing.”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
The S.E.C. fined two investment firms for exaggerating their A.I. abilities.
</span>
<span>
The agency said yesterday that
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Delphia and Global Predictions
</a>
<span>
had made “false and misleading statements” about using the tech in their forecasts. The firms settled with the S.E.C. and agreed to pay a total of $400,000 in penalties without admitting or denying the findings.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
“A.I. is the most transformative technology of our time,”
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Gensler said
</a>
<span>
, adding, that “when new technologies come along, we’ve also seen time and again false claims to investors by those purporting to use those new technologies.”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Companies are eager to harness A.I.’s buzz.
</span>
<span>
Money is pouring into A.I. companies, with start-ups raising about
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
$27 billion last year
</a>
<span>
according to PitchBook, and A.I.-related stocks are soaring. More than 40 percent of S&P companies mentioned the tech in their most recent earnings reports, with growing interest in how organizations are deploying it.
</span>
</p>
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Gensler has been warning against A.I. washing for months.
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“Don’t do it,” he
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in December. “One shouldn’t greenwash, and one shouldn’t AI wash.” The S.E.C. issued
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The fines could be just the start of a wider clampdown.
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Gurbir Grewal
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, the S.E.C.’s enforcement chief, said yesterday. He also said that the agency was looking into other ways companies may be abusing A.I., including to
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THE SPEED READ
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Deals
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<table>
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Abu Dhabi has reportedly offered to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
buy out U.S. investors’ stakes in funds managed by the Hong Kong-based private equity firm PAG
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, as Gulf funds look to capitalize from Western financiers pulling back from China. (FT)
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Selena Gomez is said to be weighing the
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sale of her cosmetics company
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, which has been valued at $2 billion. (Bloomberg)
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Revolving door
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Stephanie Cohen
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, one of the most senior executives at Goldman Sachs, is reportedly leaving the Wall Street bank to become chief strategy officer at Cloudflare, a cloud services provider. (WSJ)
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Chris Lehane
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, a member of the Clinton White House and a former policy chief at Airbnb, is reportedly near a deal to join OpenAI in a senior role. (The Information)
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Best of the rest
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The insurer UnitedHealth Group said it had
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
paid out more than $2 billion
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to help health care companies affected by a cyberattack at one of its subsidiaries. (CNBC)
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More than
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$2.7 billion worth of legal bets
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on basketball are expected during March Madness, according to estimates, as the sports betting industry continues to grow. (Axios)
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An
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award named after Ruth Bader Ginsburg
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has been called off after the former Supreme Court justice’s family objected to this year’s winners, who include Elon Musk and Rupert Murdoch. (WaPo)
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1 year ago - nytdirect@nytimes.com
DealBook: Investors shrug off Nvidia’s “A.I. Woodstock”
Also, the urgency behind Donald Trump’s courting of big donors.View in browser|nytimes.comContinu...