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MOSCOW – Russian President Vladimir Putin on Tuesday vowed to continue with his countrys year-long war in Ukraine and accused the United States-led Nato military alliance of fanning the flames of the conflict in the mistaken belief that it could defeat Moscow in a global confrontation.

He updated Russias political and military elite on the war nearly one year to the day since ordering the invasion that has triggered the biggest confrontation with the West since the depths of the Cold War.

He said the events leading to Moscows special military operation on Feb 24, 2022, were forced upon Russia.

We did everything possible, genuinely everything possible, in order to solve this problem (in Ukraine) by peaceful means. We were patient, we were negotiating a peaceful way out of this difficult conflict, but a completely different scenario was being prepared behind our backs, he said from Russias Parliament.

Flanked by four Russian tricolour flags, Mr Putin said Russia would carefully and consistently resolve the tasks facing us.

Mr Putin said Western countries, led by the US, were seeking unlimited power in world affairs and that Kyiv was speaking to the West about weapon supplies even before the beginning of the invasion.

The President added that Russia had done everything it could to avoid war, but that Western-backed Ukraine had been planning to attack Russian-controlled Crimea, annexed by Russia in 2014.

The West, he said, had let the genie out of the bottle in a host of regions across the world by sowing chaos and war.

The people of Ukraine have become the hostage of the Kyiv regime and its Western overlords, who have effectively occupied this country in the political, military and economic sense, Mr Putin said.

They intend to translate the local conflict into a global confrontation, we understand it this way and will react accordingly.

Defeating Russia, the 70-year-old said, was impossible.

Mr Putin said Russia would never yield to Western attempts to divide its society, adding that a majority of Russians supported the war.

He warned the West may incite a backlash over money flows to the war that were not diminishing.

Mr Putin said: The more long-range Western systems are being delivered to Ukraine, the farther we will be forced to move the threat from our borders. Russian National Guard officers patrol on Red Square prior to Mr Putin’s annual state address, in central Moscow, on Feb 21. PHOTO: AFP When he spoke about the annexation of four Ukrainian territories in 2022, he got a standing ovation at the Gostiny Dvor exhibition centre, just a few steps from the Kremlin.

Towards the end of the speech, Mr Putin said Russia was suspending its participation in the New Start treaty with the US that limits the two sides strategic nuclear arsenals.

Together, Russia and the US hold around 90 per cent of the worlds nuclear warheads enough to destroy the planet many times over.

Mr Putin asked the audience, which included lawmakers, soldiers, spy chiefs and state company bosses, to stand to remember those who had lost their lives in the war.

He promised a special fund for the families of those killed in the war.

He said the West was supporting traitors who opposed Russias actions, and thanked Russians for their courage and resolution in supporting Moscows operation in Ukraine.

Mr Putin said he understood how difficult it was for relatives of Russian soldiers who had died fighting in Ukraine. Mr Vladimir Putin arrives to deliver his annual address to the Federal Assembly in Moscow, on Feb 21, 2023. PHOTO: REUTERS We all understand, I understand how unbearably hard it is now for the wives, sons, daughters of fallen soldiers, their parents, who raised worthy defenders of the Fatherland, he said.

The Ukraine conflict is by far the biggest bet by a Kremlin chief since at least the 1991 fall of the Soviet Union and a gamble Western leaders such as US President Joe Biden say Mr Putin must lose.

Russian forces have suffered three major battlefield reversals since the war began, but still control around one-fifth of Ukraine.

Tens of thousands of men have been killed, and Mr Putin has said Russia is locked in an existential battle with an arrogant West, which he says wants to carve up Russia and steal its vast natural resources.

The West and Ukraine reject that narrative, and say Nato expansion eastwards is no justification for what they say is an imperial-style land grab doomed to failure.

White House National Security Advisor Jake Sullivan described Mr Putins accusations that Russia had been threatened by the West as justification for invading Ukraine as absurdity.

Nobody is attacking Russia. Theres a kind of absurdity in the notion that Russia was under some form of military threat from Ukraine or anyone else, he told reporters. People gather for Mr Vladimir Putins address to the Federal Assembly at the Gostiny Dvor conference centre in Moscow, on Feb 21. PHOTO: EPA-EFE More On This Topic US slams 'absurdity' of Putin's anti-West speech Putin set for major Ukraine war speech after Biden walks streets of Kyiv Speaking hours ahead of Mr Biden delivering his own speech in Warsaw to mark the anniversary of the war, Mr Sullivan said the Kremlin leader was the aggressor.

This was a war of choice. Putin chose to fight it. He could have chosen not to. And he can choose even now to end it, to go home, he added.

Russia stops fighting the war in Ukraine and goes home, the war ends. Ukraine stops fighting and the United States and the coalition stops helping them fight then Ukraine disappears from the map.

Mr Putin, who frequently decries Western gender and sexual freedoms as an existential danger, said on Tuesday that paedophilia had become the norm in the West.

Look at what they do to their own people: the destruction of families, of cultural and national identities and the perversion that is child abuse all the way up to paedophilia are advertised as the norm… and priests are forced to bless same-sex marriages, he said. Mr Vladimir Putin is seen on screens of a shopping mall as he delivers his annual address to the Federal Assembly in Moscow, on Feb 21. PHOTO: REUTERS Ukrainian presidential aide Mykhailo Podolyak said that Mr Putins speech showed he has lost touch with reality.

He is in a completely different reality, where there is no opportunity to conduct a dialogue about justice and international law, said the adviser to Ukraine leader Volodymyr Zelensky. Tilt to Asia?

Mr Putin, who was handed the presidency in 1999 by Boris Yeltsin, said the West had failed to destroy the Russian economy with the severest sanctions in modern history.

They want to make the people suffer… but their calculation did not materialise. The Russian economy and the management turned out to be much stronger than they thought, he added.

Russias US$2.1 trillion (S$2.8 trillion) economy is forecast by the International Monetary Fund to grow 0.3 per cent this year, far below China and Indias growth rates but a much better result than was forecast when the war began.

Russia was turning to major Asian powers, e said, and will expand ties and build economic cooperation with countries such as India, Iran and Pakistan. REUTERS More On This Topic Beijing hopes peace between Russia and Ukraine can be Made in China Zelensky: Its obvious Ukraine wont be Putins last stop

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Global tech stocks climb as Nvidia results spark relief rally soothing AI bubble concerns

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Global tech stocks climb as Nvidia results spark relief rally soothing AI bubble concerns

Global tech stocks rallied Thursday as investors piled back into AI-related names, buoyed by Nvidia earnings.

Nvidia topped forecasts for revenue, which jumped 62% to $57.01 billion year-on-year, and issued stronger-than-expected fourth-quarter sales guidance, giving investors the confidence they were looking for to continue placing bets on the AI industry. Shares were 5% higher in premarket trade.

In Europe, Dutch semiconductor firms BESI and ASMI moved up over 3% and 2% in the first hours of trading, respectively. ASML, which makes critical equipment for semiconductors, gained 2.1%.

Asia-listed stocks Samsung Electronics and Hon Hai Precision Industry, also known as Foxconn, climbed 3.5% and 3.3% higher, respectively.

Stateside, investors flocked to tech stocks in premarket trade: AMD rose 5%, Arm gained almost 4%, Micron Technology advanced 2.7%, Marvell Technology added 3.3%, Broadcom was last seen 3.1% up and Intel moved 2% higher.

‘Phenomenal growth’

Dan Hanbury, global equity portfolio manager at Ninety One, which holds Nvidia as its second-largest holding in its global strategic equity fund, cautiously welcomed Nvidia’s share price jump in Thursday’s premarket trade.

“As a holder, it’s great to see an early positive reaction but of course as we know those reactions can reverse further into the day,” Hanbury told CNBC’s “Squawk Box Europe.”

“Our reading of the numbers is they are very strong. Clearly, we can get caught up in the quarterly noise of a company like this but if we just put those [numbers] in context … only three years ago they were delivering $15 billion of data center revenue, we’re now looking at consensus forecasts into next year of $280 billion,” Hanbury said. “That is phenomenal growth that these guys are delivering.”

Nvidia's numbers and earnings call was enough to quell concerns, Quilter Cheviot's Ben Barringer

Karen McCormick, chief investment officer at London-based venture capital company Beringea, spoke with CNBC’s “Squawk Box Europe” about some of the recent moves to bulk-up on AI and scale, particularly following Nvidia and Microsoft‘s recent push to invest up to $15 billion in OpenAI rival Anthropic.

“It’s always a little bit intimidating to contradict Jensen Huang right after he has made phenomenal earnings results but in terms of the almost incestuousness of the valley and the AI companies, it is more than we have seen in the past,” McCormick said.

“I mean, if you think about traditionally, we might have called something like this vendor financing, where your vendor is helping to support the business,” McCormick said. “In this case we are just doing it with hundreds of billions of dollars and the ecosystem itself is now so intertwined that it’s almost a little bit nerve-wracking because if we are in a bubble and if any of that bubble bursts, what is going to happen to all of the related businesses?”

‘Nowhere near as bad as 1999’

The culmination of circular dealmaking, debt issuances and high valuations added pressure to the market ahead of Nvidia’s much-anticipated results, despite other Big Tech firms posting solid quarterly earnings.

“The flip side to that is that each of them has incredibly robust balance sheets and incredibly robust investors, who may not let them fail either way,” McCormick said.

Quilter Cheviot’s global head of technology research and investment strategist Ben Barringer, added that Nvidia’s valuation isn’t “particularly excessive.”

Valuations aren’t that streteched when you look at the core big tech companies, he told CNBC’s “Europe Early Edition” on Thursday.

In terms of debt that’s also at the peripheral, he said. While Meta and Amazon have raised debt, “they’re still net cash positioned,” Barringer added.

“I think it’s more about them managing their treasury position and managing their balance sheet, as it were. Yes, it’s not great that they are doing some of this capex from debt, but it’s nowhere near as bad as 1999 where these were very heavily levered telecom companies doing a lot of this capex.”

However, Gil Luria, head of technology research at D.A. Davidson, told CNBC on Thursday that Nvidia is not a bubble barometer. “The concern is about companies raising a lot of debt to build data centers,” he said.

“Any concerns about Nvidia were certainly laid to rest [with Nvidia’s earnings], but that doesn’t mean that we don’t need to keep an eye on companies lending or borrowing to build data centers,” Luria added.

— CNBC’S Sam Meredith contributed to this report

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Nvidia stock pops 5% in premarket trading after stronger-than-expected results

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Nvidia stock pops 5% in premarket trading after stronger-than-expected results

Shares in AI darling Nvidia popped in premarket trade after the U.S. firm beat expectations in third-quarter results after the closing bell on Wednesday.

Shares were last trading 5.5% higher at 4:15 a.m. ET.

Nvidia topped forecasts for revenue, which jumped 62% to $57.01 billion year-on-year, and issued stronger-than-expected fourth-quarter sales guidance.

“There’s been a lot of talk about an AI bubble,” Nvidia CEO Jensen Huang told investors on an earnings call, as the firm set out its view of the industry. “From our vantage point, we see something very different.”

Quilter Cheviot’s Ben Barringer, who is the global head of technology research and investment strategist, told CNBC’s “Europe Early Edition” that Nvidia brought relief in two-parts: it beat gross margins, which is important for semiconductor stocks, but the firm also addressed market concerns head-on in its earnings call.

“They really went through and sort of tried to disprove pretty much all of the bear cases out there. They talked about scaling laws, they talked about all the different elements of demand, not just hyperscaler capex, but the model demand that they’re seeing from companies like OpenAI and Anthropic, software demand, enterprise demand, sovereign AI,” Barringer said.

Nvidia also addressed supply constraints, vendor financing, partnerships and China. “So they really did a stand up job of calling out every elephant in the room, every every possible bear case, and going through and giving their perspective on it,” Barringer added.

Nvidia’s upbeat guidance helped lift investor sentiment around the AI trade, which has weakened in recent sessions amid fears about elevated valuations, debt financing and potential chip depreciation. The results boosted a slew of stocks across the AI ecosystem in the after-hours session, including chipmakers Advanced Micro Devices and Broadcom and power infrastructure companies such as Eaton.

Asia chip stocks also rallied on Thursday, with Samsung Electronics and Hon Hai Precision Industry, also known as Foxconn, leading gains.

CNBC’s Pia Singh contributed to this report.

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Nvidia beats expectations again in defiance of AI bubble fears

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Nvidia beats expectations again in defiance of AI bubble fears

The world’s most valuable company has reported another series of expectation-beating results, heading off fears of the AI bubble bursting for now.

Nvidia’s revenue reached $57bn in the three months to October, higher than Wall Street estimates and the company’s own guidance.

That’s up 62% on the same time last year, and has been described by the business as an “outstanding” quarter.

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A profit measure called earnings per share was also better than expected at $1.30.

It matters as Nvidia has powered the artificial intelligence (AI) boom through its computer chips, which are key parts in AI chatbots such as ChatGPT.

More on Artificial Intelligence

Nvidia has major tech companies as clients and acts as a good proxy for whether the tens of billions of dollars invested in AI is paying off.

Its chief executive, Jensen Huang, has been described as the Godfather of AI and watch parties were organised for those looking to follow the Wednesday evening announcement.

The company has been a massive beneficiary of the push to put money into AI, with its share price reaching stratospheric highs.

In October, it became the first worth $5trn (£3.83trn), about the size of the German economy, Europe’s largest, and double the UK’s benchmark stock index, the FTSE 100.

What’s been announced?

Revenue from data centres reached a record high of $51.2bn, more than £10bn higher than the three months previous.

The outlook is for continuing strong sales in the final three months of the financial year, as the company forecasts revenue will be roughly $65bn.

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Demand for Nvidia products continues to surpass expectations, while the business is “still in the early innings” of AI transitions, its chief financial officer Colette Kress said.

Mr Huang said sales of its blackwell chips are “off the charts” and its cloud graphics processing chips (GPUs) are “sold out”.

Why it matters

Developing AI infrastructure, like the construction of data centres, has been a significant contributor to US economic growth, as measured by gross domestic product (GDP).

A faltering of AI expansion, therefore, impacts the US economy, the world’s largest, which in turn affects the UK and global economies.

Anxiety around the massive valuations tech companies have accrued, on the hope of AI revolutionising the world, is likely to be staved off by the results announcement.

A fall in these tech company valuations could have meant a drop in the value of pension pots or savings.

Just seven dominant tech companies, many of which have borrowed to invest in AI, make up more than a quarter of major US stock index, the S&P 500.

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Could the AI bubble burst?

In the last year alone, Nvidia’s share price has risen more than 230%.

Some, including US trader Michael Burry, famous for being played by Christian Bale in the Hollywood film The Big Short, have effectively bet that Nvidia’s share price would fall.

Addressing the topic of an AI bubble, Nvidia’s founder, Mr Huang, said, “From our vantage point, we see something very different”.

What next?

Regardless of the figures released on Wednesday evening, significant market moves were anticipated, given the attention paid to the results and the significance of the company.

Nvidia shares rose as much as 4% in after-hours trading.

The results also boosted the share price of its chip-making competitors like Broadcom and Advanced Micro Devices.

For now, the AI bubble remains intact.

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