00:00 Speaker A
Nvidia, the stock tumbling amid a report from the information that says Google and Meta are in talks for a multi-billion dollar AI chip deal.
00:10 Speaker A
Google also pitching its other cloud customers to sell them TPUs in a move that is said could grab as much as 10% of Nvidia’s annual revenue.
00:20 Speaker A
Bernstein analyst Stacy Rasgon though argues that greater competition from Google’s AI chips will not threaten Nvidia’s business. This comes as Alphabet, parent company of Google, approaches a $4 trillion valuation.
00:30 Speaker A
Turning the crypto space, Coinbase gets hit with a downgrade over Argus Research firm lowering its rating on that stock from buy to hold, citing its shares trading at a higher range compared to peers.
00:41 Speaker A
This comes as Bitcoin has struggled to rebound and heads towards its worst month since June 2022. Bitcoin trading roughly 30% off its October all-time highs of more than 126,000.
00:54 Speaker A
And lastly, Rothschild lowering its rating on Estee Lauder from neutral to sell. The firm also slashing its price target on that stock from 83 to 70.
01:03 Speaker A
Rothschild knowing that more investment is needed to close the gap with peers, and Rothschild adding that further investment could dilute the operating leverage into the sales recovery and in turn delay the operating margin upgrades needed to justify the multiple.
