Markets rally after Nvidia’s strong results calm AI bubble fears, and investors await US jobs report – business live

Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.It’s one risk event down, one to go, for investors today after Nvidia calmed nerves with some sizzling financial results.The chipmaker at the heart of the artificial intelligence boom calmed fears of a bursting bubble – and pushed markets higher – by beating Wall Street forecasts, and giving a strong forecasts for its future performance.Jensen Huang, founder and CEO of Nvida, tried to squish bubble fears, declaring that “We’ve entered the virtuous cycle of AI”Huang told analysts last night:“There’s been a lot of talk about an AI bubble.From our vantage point, we see something very different

Ban on veggie ‘burgers’: plant-based products may lose meaty names in UK under EU law

Calling plant-based food veggie “burgers” or “sausages” may be banned in the UK under the new trade agreement with the EU, the Guardian understands.The Labour government secured a new sanitary and phytosanitary (SPS) agreement with the EU earlier this year, which allows British businesses to sell products including some burgers and sausages in the EU for the first time since Brexit.However, the deal ties the UK to some EU laws concerning food labelling, and the EU is set to vote this week on banning the use of “meaty” terms to describe vegetarian food after lobbying from the livestock industry.The European parliament voted for this ban last month, and this week the European Commission as well as the governments of the 27 member states will decide whether it becomes law.If it does, the UK government believes that the law will also apply to British businesses

‘We excel at every phase of AI’: Nvidia CEO quells Wall Street fears of AI bubble amid market selloff

Global share markets rose after Nvidia posted third-quarter earnings that beat Wall Street estimates, assuaging for now concerns about whether the high-flying valuations of AI firms had peaked.On Wednesday, all eyes were on Nvidia, the bellwether for the AI industry and the most valuable publicly traded company in the world, with analysts and investors hoping the chipmaker’s third-quarter earnings would dampen fears that a bubble was forming in the sector.Jensen Huang, founder and CEO of Nvida, opened the earnings call with an attempt to dispel those concerns, saying that there was a major transformation happening in AI, and Nvidia was foundational to that transformation.“There’s been a lot of talk about an AI bubble,” said Huang. “From our vantage point, we see something very different

Nvidia earnings: Wall Street sighs with relief after AI wave doesn’t crash

Markets expectations around Wednesday’s quarterly earnings report by the most valuable publicly traded company in the world had risen to a fever pitch. Anxiety over billions in investment in artificial intelligence pervaded, in part because the US has been starved of reliable economic data by the recent government shutdown.Investors hoped that both questions would be in part answered by Nvidia’s earnings and by a jobs report due on Thursday morning.“This is a ‘So goes Nvidia, so goes the market’ kind of report,” Scott Martin, chief investment officer at Kingsview Wealth Management, told Bloomberg in a concise summary of market sentiment.The prospect of a market mood swing had built in advance of the earnings call, with options markets anticipating Nvidia’s shares could move 6%, or $280bn in value, up or down

Lewis Hamilton defends work ethic after Ferrari chief’s ‘talk less’ rebuke

Lewis Hamilton has insisted he does not believe he can work any harder to help improve Ferrari’s performance he said in reaction to a rebuke from the Ferrari president John Elkann, who had stated he should: “Focus on driving and talk less.” Hamilton however maintained pointedly that the issues at Ferrari would not be fixed with “the click of a finger”.Hamilton, who has yet to claim a podium for Ferrari in what has been an immensely trying first season with the team, was outspoken after another disappointing race at the last round in Brazil, after which he described his debut year with a Ferrari as “a nightmare”. Elkann, responded equally bluntly with his riposte.Speaking before this weekend’s Las Vegas Grand Prix, Hamilton insisted his relationship with Elkann remained “great” but took issue with the suggestion he should focus more on his driving when asked if it was a fair comment

Steve Smith fires up over sandpaper sledge as Australia confirm team for Ashes opener

Australia captain Steve Smith has confirmed his team for Friday’s opening Ashes Test – but the announcement was overshadowed by an extraordinary verbal attack on Monty Panesar after the former England spinner suggested Ben Stokes and his touring team should try to upset him by rehashing the infamous sandpaper ball tampering controversy of 2018.Smith insisted the comments “didn’t really bother me”, but apparently demonstrated the opposite by raking over Panesar’s notoriously miserable appearance on the TV quiz Mastermind in 2019.In an interview with an online betting company Panesar had urged England’s players to: “Say something like, ‘I don’t think it’s ethical that he’s the captain. I don’t think he played the game fairly.’ Really get into him and make him feel guilty about it