Here are five things you need to know this morning
Nvidia reassures investors: Investors had been nervously waiting for the latest results and outlook from Nvidia – the microchip maker that has become the leader in artificial intelligence technology, growing to the world’s most valuable company along the way. Nvidia reassured the market with a surprisingly strong revenue forecast and pushed back on the idea that the AI industry is in a bubble. Nvidia expects sales of about US$65 billion in the January quarter — roughly $3 billion more than analysts predicted. Nvidia had faced growing fears in recent weeks that the runaway spending on such equipment wasn’t sustainable.
Walmart raises outlook: Walmart has increased its outlook for sales in the full year, after beating estimates in profit and revenue for its latest quarter. This is the second time Walmart has increased its sales outlook this year. Walmart reported growth in e-commerce. It is also incorporating AI across its operations — teaming up with Open AI so shoppers can purchase its products on ChatGPT.
Hoekstra sees Canada – U.S. trade talks resuming: The U.S. ambassador to Canada says Canada and the U.S. have a chance to reach an agreement to reduce tariffs despite last month’s diplomatic blowup. Ambassador Pete Hoekstra told a conference in Ottawa the talks will resume, though he’s not sure when. U.S. President Trump halted negotiations last month, after Ontario Premier Doug Ford ran an anti-tariff ad featuring former U.S. President Ronald Reagan.
Producer prices rise again: Another sign today that inflation in Canada remains stubbornly high. Statistics Canada’s industrial product price index increased 1.5 per cent, a fifth consecutive monthly increase. On an annual basis, the producer-price index advanced 6.0 per cent, marking a 13th straight year-over-year rise in prices for products manufactured in Canada. The industrial product price index measures the prices that manufacturers in Canada receive once their goods leave the plant. Prices for metals and lumber products led the increase.
Extendicare $570 million acquisition: Ontario-based seniors’ care company Extendicare is buying CBI Home Health for $570 million. The acquisition will expand Extendicare’s geographic footprint and establish more presence in the Alberta market. It will also grow its innovative care models, including service partnerships with hospitals and specialized community services. Extendicare is financing the acquisition with a bought-deal share offering.
