Nvidia, a chipmaker, reported its quarterly earnings. Revenues surged 122% to $30bn, and net profits lept to $16.6bn. But, since this growth was slower than the previous quarter’s 262% rate, its share price fell. Analysts keenly watch the firm’s earnings as an indicator of how the artificial intelligence boom is going.
PDD Holdings, which operates the Pinduoduo and Temu e-commerce sites, warned that slower economic growth in China would “inevitably” lead to lower sales and profits. These comments caused its share price to plummet by 29%, cutting $55bn from its market value. The retailer had previously managed to withstand the impact of China’s depressed economy.
Chinese electric car maker, BYD, reported a 16% jump in revenue and a 25% rise in net profits for the first half of this year. The impressive result comes despite a price war in China, its home market. The company delivered more than 426,000 fully electric cars in the second quarter, a 21% year-on-year increase.
Lego, the Danish …