Nvidia reported second‑quarter revenue of $96 billion, more than double the $48 billion earned a year earlier, beating Wall Street expectations and sending its shares up 4.7% in after‑hours trading. The results come as demand for artificial‑intelligence computing power has increased sharply, driving a substantial expansion of data‑center infrastructure worldwide. The data‑center division generated $89 billion, a 117 percent increase from the prior year. In a prepared statement, CEO Jensen Huang said AI has reached an inflection point and that the infrastructure buildout is proceeding at full speed. Analysts highlighted the performance; senior equity analyst Matt Britzman of Hargreaves Lansdown said the results were exceptionally strong and that the next‑quarter guidance points to revenue above $110 billion. Nvidia's financial strength has led it to provide funding to AI companies such as OpenAI, Anthropic and SpaceX to support their infrastructure costs. Its processors power the data centres used to train and run AI models, contributing to a market capitalisation exceeding $5 trillion. Competition is emerging as some customers develop custom chips and as lower‑cost suppliers in China enter the market, though Nvidia's position remains dominant for now. About 40 percent of the U.S. stock market is concentrated in ten companies heavily invested in AI, underscoring the broader significance of Nvidia's performance. The company projects revenue for the upcoming quarter to exceed $108 billion, indicating continued growth in the AI‑driven market.
Macro signals, central banks, earnings, and the deals moving capital today.
Shein is set to raise HK$13.6 billion (US$1.73 billion) in a Hong Kong initial public offering, targeting 280 million shares priced near the midpoint of its HK$47.60‑HK$49.50 range. The company, headquartered in Singapore and founded in China, launched its long‑awaited offering on Monday. A source said the shares are expected to price at HK$48.56 each. The IPO is anticipated to proceed as scheduled pending regulatory approval. Shein declined to respond to a request for comment. The offering will be priced at the middle of the marketing band, according to two people familiar with the deal.
Monthly personal consumption expenditures (PCE) rose 0.2% in July after a 0.1% decline in June, keeping the annual rate at 3.7% for the 65th consecutive month and above the Federal Reserve’s 2% target.
The Commerce Department’s Bureau of Economic Analysis reported that consumer spending grew 3.4% in the second quarter, revised up from 3.2%, while personal incomes increased faster than inflation, suggesting potential for higher consumption later in the year.
Orders for durable goods, led by transportation equipment, rebounded in July, indicating continued brisk business investment, particularly in artificial intelligence‑related sectors. Corporate profits rose $400.9 billion in the quarter, the second‑fastest increase on record, a trend partially attributed to the recent corporate tax overhaul.
The estimate for annualized gross domestic product growth in the second quarter remained at 1.5%, but gross domestic income rose 2.2%, pushing the combined measure of economic activity to a 1.8% growth rate. Economists project Q3 GDP growth of at least 3%, double the Q2 pace.
Fed funds futures indicate roughly a 40% probability of a rate hike at the September 15‑16 meeting, up from about 36% before the data release. While the majority of the Federal Open Market Committee left the benchmark rate unchanged at 3.50%‑3.75% in July, some policymakers argue tighter policy is needed as inflation has remained above target since February 2021.
The upcoming Jackson Hole economic symposium, where Fed Chair will speak, will be closely watched for clues on the Fed’s next move amid persistent inflation and a strengthening economic outlook.
Puck, a newsletter startup founded in 2021, is in advanced discussions with RedBird Capital Partners for an all‑cash investment valued at about $250 million, according to sources.
The company has roughly 50,000 paying subscribers and recently added about 50,000 subscribers through its acquisition of Air Mail, a digital magazine focused on luxury and travel.
The deal would have existing institutional investors sell their stakes to RedBird, while the founders and reporter‑shareholders retain equity and maintain editorial independence, Puck said. RedBird, a media‑focused investor that also backs Artists Equity, Fulwell Entertainment and EverPass Media, declined to comment. Puck’s spokesperson said the recapitalization would accelerate growth without changing its journalist‑centric model.
The transaction remains under negotiation, and no final agreement has been announced.
Meta agreed to an $18 billion settlement with 29 U.S.
Meta agreed to an $18 billion settlement with 29 U.S. states on Wednesday, ending a five‑day trial that alleged the company harmed children through data collection under the Children’s Online Privacy Protection Act. The case centered on COPPA, a law enacted nearly three decades ago that restricts the collection of personal information from children under 13. The plaintiffs argued that Meta gathered data from minors without adequate consent.
The settlement, which does not admit wrongdoing, requires Meta to impose a two‑hour daily usage limit for identified teen accounts, mute notifications between midnight and 6 a.m. and during school hours, and hide likes for teenage users. The company also will enhance tools to identify child users, a process expected to take up to one year to roll out fully. Internal documents showed Meta was aware that opt‑in safety features often had low adoption, and some executives said the firm considered paying fines rather than changing practices. Whistleblower Arturo Bejar, a former Instagram engineer, said accountability must be based on results, not on announced measures. The settlement avoids a potential maximum penalty of about $1.4 trillion, calculated from a hypothetical scenario of daily use over a 12‑year period. While Meta’s revenue depends on social media advertising, the company has focused recent resources on artificial intelligence. The agreement includes provisions that other platforms, such as TikTok and Snapchat, may adopt similar safety settings if the industry moves toward stricter child protection.
The rollout of the new safety features will begin within six months, but their effectiveness will be judged by independent assessment and by whether other social media companies follow suit. The long‑term impact on user engagement and on regulatory approaches remains uncertain.
India, the world's largest sugar consumer, will import about one million tonnes of sugar for the first time in nearly a decade as domestic prices rose sharply in recent months.
Sugar production is projected at 30.6 million tonnes for the 2025‑2026 season, about 11% lower than earlier government estimates. The shortfall stems from lower rainfall linked to El Niño, disease in cane varieties, and reduced monsoon rains in key growing states.
Wholesale prices climbed from roughly 40‑45 rupees per kilogram in May‑June to more than 58‑60 rupees in August. The government approved exports of 1.5 million tonnes at the start of the season and an additional 500,000 tonnes in February; exports were halted in May after the shortfall became apparent.
Vikram Suryavanshi, a senior analyst at PhillipCapital India, said the large variance between initial production estimates and the actual shortfall was a surprise. Atul Chaturvedi, non‑executive director of Shree Renuka Sugars, said the imported sugar would provide a market buffer. Deepak Ballani of the Indian Sugar Mills Association (ISMA) argued that inventory levels and scheduled releases were comfortable and that speculation and hoarding, rather than a genuine shortage, were driving price gains. The government has capped stocks held by traders and wholesalers at 400 tonnes for three months to curb hoarding.
ISMA has urged mills to begin crushing cane two weeks earlier than usual to build stocks as the new harvest arrives in October, but erratic weather continues to affect yields. Thinner cane with lower sucrose content is expected to reduce output further.
Chaturvedi noted that at current price levels it may not be economically viable for mills to divert cane to ethanol, suggesting a possible improvement in supply next year, though accurate crop estimates remain crucial.
Nvidia (NVDA.O) forecasts a 70 percent increase in revenue for its fiscal year ending January 2028, projecting $108 billion in third-quarter sales. The outlook reflects sustained demand for AI computing despite ongoing component shortages. In its fiscal second quarter ended July 26, data center revenue more than doubled to $89 billion, beating the $85.08 billion estimate. Adjusted profit rose to $2.22 per share versus the $2.10 consensus. Shares rose about 5 percent in extended trading after an initial 1 percent decline. Nvidia estimates third-quarter revenue of $108 billion, plus or minus 2 percent, compared with analysts’ average estimate of $104.19 billion, according to LSEG data. The forecast exceeds the 44 percent average growth projected by analysts for the same period. Nvidia expects demand from AI labs to account for roughly a quarter of total revenue next year. Vera Rubin platform is projected to represent about one-fifth of data-center revenue in the current quarter. Nvidia and Amazon Web Services plan to deploy an additional two million Nvidia graphics processors across AWS’s global infrastructure in 2027 and 2028. Finance chief Colette Kress said margins are expected to be 71-72 percent in the fourth quarter, down from 74 percent in the third quarter, as memory prices and component costs remain high. Nvidia noted that supply constraints could limit growth. China’s data-center revenue was excluded from its outlook after shipments of its H200 chip remained limited. The forecast indicates continued AI spending, but execution risk remains tied to component availability and geopolitical factors affecting China sales.
Federal Judge Rules Trump Administration's Pay Cuts for Migrant Farmworkers Illegal. A federal judge in California ruled Wednesday that the Trump administration's policy lowering wages for H-2A guest farmworkers was unlawful. The judge found the rule, which cut hourly pay by about $7 to $5, violated federal immigration law. The administration had implemented the change last fall without a public comment period, saying it would reduce farmers' labor costs by $24 billion over the next decade. The United Farm Workers union and several U.S. citizen farmworkers sued, arguing the cuts undercut wages for American workers. In his 28-page order, Judge Kirk E. Sherriff ordered the Labor Department to establish new wage rates consistent with the law and to notify employers that they may owe back wages. The Labor Department has not responded to requests for comment. The administration defended the rule in the Federal Register, stating it was needed to address immediate dangers to the food supply caused by its immigration policies. Under the rule, wages fell from $19.97 to $16.45 an hour in California and from $16.08 to $12.27 in Georgia. Unions say the H-2A program ties migrant workers to single employers and makes U.S. farmworkers less attractive to employers. Plaintiff Irene Mendoza of Texas said the lower pay makes it harder to cover her children's education and medical expenses. The judge did not cancel the reduced rates but required the Labor Department to set new wages promptly.
The Trump administration this week announced new restrictions on legal immigration, including a pause on worldwide visa appointments and the cancellation of tourism and business visas, which experts say may strain the U.S. economy and labor market. Immigration accounts for the majority of U.S. population growth, and the visa restrictions could reduce the inflow of workers and travelers. The pause on visa appointments could leave many visas unused before the fiscal year ends on September 30, 2026, according to policy analysts. Diane Swonk, chief economist at KPMG, noted that the measures constrain the supply of labor and tourism. Cecilia Esterline, an immigration policy analyst at the Niskanen Center, said the worldwide visa pause could have serious economic implications even if it is short‑lived. Unused visas for 2026 risk contributing to a slowdown in population growth, Esterline added. The full economic impact will depend on how long the restrictions remain in place and whether the administration revises its policy before the end of the fiscal year.
Dolly Parton, a country music icon, built a multimillion‑dollar business empire beyond her singing career, with an estimated net worth of $450 million according to Forbes.
She grew up in poverty and learned business principles from her father, who told her not to let others take advantage of her and to keep her focus on her business.
In 1974 she declined Elvis Presley’s request to cover “I Will Always Love You” after his manager demanded half the rights, and later earned more than $10 million in royalties when Whitney Houston’s 1992 cover became a hit.
She co‑founded Sandollar Productions in 1985, which produced the 1990s series “Buffy the Vampire Slayer,” and became a co‑owner of Dollywood in 1986, expanding the park and adding the DreamMore Resort in 2015.
She launched the Dolly Beauty cosmetics line in 2025 and a travel‑stop shop in June 2025, which includes a coffee brand named Cup of Ambition.
Forbes reported her net worth reached $450 million, and she employed many family members at Dollywood, making it the largest employer in the county.
She has donated millions to child‑literacy programs, wildfire relief, and Covid‑19 research, and received the Carnegie Medal of Philanthropy in 2022.
Industry analyst Paul Milliken said diversification has been key to her sustained success and continues to advise younger artists.
Parton has declined the Presidential Medal of Freedom twice, from Donald Trump and Joe Biden, to keep her brand non‑political.
She said she will keep working “till I fall over bad” and emphasized her modest attitude toward spending, recalling her upbringing.
Meta Platforms agreed to pay up to $18 billion over the next decade and impose limits on teenage use of Facebook and Instagram to settle a coalition of U.S. state lawsuits alleging that its platforms were designed to be addictive to minors and that the company misrepresented their safety. The agreement, announced on Wednesday, resolves a federal trial that had been scheduled to begin on August 18. Four states—California, Colorado, Kentucky and New Jersey—had sought roughly $200 billion in civil penalties.
Under the settlement, Meta will restrict teen usage to two hours per day on Facebook and Instagram and block all usage from midnight to 6 a.m. unless parental consent is provided. It will also limit push notifications to teenage users during school hours (8 a.m.–3 p.m.) and improve age‑verification measures for age‑restricted content. The company says similar restrictions could be adopted by Snapchat, TikTok and YouTube.
Meta will pay about $16.7 billion to 47 states, Washington, D.C., Puerto Rico, American Samoa and the Northern Mariana Islands, with $12.7 billion guaranteed and an additional $5 billion contingent on comparable actions by Snap Inc., TikTok and YouTube. California is expected to receive $2.2 billion, New York $1.1 billion, and Texas a separate settlement worth more than $1 billion. Some funds will be allocated to children's mental‑health programs.
The settlement does not require Meta to eliminate personalized recommendations or targeted advertising, nor does it address all content identified by internal research as harmful to body image. Meta denied wrongdoing. California Attorney General Phil Weiser said the relief provided is meaningful and exceeds prior court orders. James Speta, a law professor at Northwestern University, noted that the restrictions are intended to reduce engagement. Meta shares rose as much as 4.1% and closed up 1.1% following the announcement.
The payout represents roughly three to four months of profit and about one month of revenue for Meta. The settlement follows other legal actions, including a $567 million New Mexico order and a $6 million judgment in a Los Angeles case involving Google. In Europe, the European Commission has threatened fines over content‑removal rules. The settlement may serve as a template for future actions against social‑media companies, though litigation continues in Florida and New Mexico.
Volkswagen’s chief executive Oliver Blume addressed more than 10,000 employees at the company’s German headquarters on Tuesday, urging a comprehensive reorganisation that may involve job cuts and factory closures. Volkswagen has been grappling with intensified competition from Chinese manufacturers and the impact of U.S. tariffs, prompting a need for cost reductions and operational adjustments. Blume told the assembly that the restructuring was essential for the company’s future, citing the need to align production capacity with market demand. Workers responded with boos, whistles and banners reading “Our jobs are not your balance sheet adjustments,” indicating opposition to the proposed measures. While Volkswagen has not disclosed the number of jobs potentially affected, the plan includes evaluating the viability of multiple production sites in Europe. The developments occur amid a broader industry shift as European automakers confront declining demand and rising input costs. The company has indicated that further details will be released in the coming weeks, and the outcome of the restructuring remains uncertain.