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Irish in New York: A history both public and personal

From bridges to buildings to pubs, New York City will always have a touch of Ireland thanks to newcomers who arrived on our shores at the turn of the last century. FOX 5 NY’s Sharon Crowley shares a piece of her history in this look at the Irish legacy in the city.

NEW YORK – Here in New York City, the Irish community is one of our largest ethnic groups. Hundreds of thousands of Irish Americans live in the city, enjoying a long history rooted in religion and culture.

To understand Irish history in New York, you need to start at Watson House. It opened in 1885 on State Street in Lower Manhattan. 

"This was the first place these Irish immigrants, particularly the young women, who would consider Watson House their home," explained Rev. Brian McWeeney, the director of the Office of Ecumenical and Interreligious Affairs for the Archdiocese of New York. "They would see it in the 1850’s. They came here knowing they would be safe."

The boarding house offered food, shelter and job placement to tens of thousands of young, unmarried, Irish Catholic women who left their families in Ireland to travel by steamship to New York City in the late 1800’s. Image 1 of 2 ?

Watson House opened in 1885 to help Irish women who arrived in New York. The role of the church

Catholic priests often met the ships to make sure the women made it to Watson House safely. 

"When they came, this was way different from where they came from," continued Rev. McWeeney. "There were some people here who were ready to take them in and help them and comfort them, but others were ready to take advantage of them." 

McWeeney himself is also a first-generation Irish New Yorker. His father arrived in New York City from Galway, Ireland in 1929. Watson House, run by a Catholic priest, was part of the Mission of Our Lady of the Rosary. 

"Oh, the church was very important. The mass was the center of their lives in Ireland. The priest was the well-educated man of the town. When they came here, the church took on that role of protector very easily."  Starting over in a new world

It’s estimated that more than one million people left Ireland to escape the potato famine and start a new life in New York City. Married couples might end up living in a tenement on the Lower East Side like the fifth-floor walkup apartment preserved by the Tenement Museum at 97 Orchard Street. 

"Hundreds of thousands of Irish immigrants landed here in New York and many, many of them stayed, so much so that, by 1860, 25% of the city’s population is Irish-born," explained David Favaloro, the director of Curatorial Affairs at the Lower East Side Tenement Museum.

"Irish immigrants arrived largely unskilled," he added. "Most Irish men who arrived in the mid-19th century found jobs on construction or doing manual labor."

Favaloro says these newcomers from Ireland literally helped shape New York City at the turn of the century – laying bricks for the new Empire State Building and the Brooklyn Bridge.

The Irish immigrants also became involved politics, leading them to municipal jobs in the fire and police departments. 

"The Irish become, in some ways, the grassroots of the Democratic Party political machine," Favaloro noted.  Challenges and struggles

The Tenement Museum at 97 Orchard St.

The museum recreates the 350-square-foot home of Joseph and Bridget Moore, who lived there in the 1860’s. 

"This building, 97 Orchard, was built in 1863 without any indoor running water, any indoor toilets," Favaloro said. 

Four of the couple’s eight children died in childhood. These newcomers also faced struggles with discrimination. Some classified ads at the time read "Irish need not apply." 

Plus, most of the men coming from Ireland had lived on farms and now had to adapt to a new urban environment. A toast to the pubs

McSorleys Old Ale House opened in 1854.

Irish pubs are also a central figure in Irish history here in New York City. Because Irish families had large families living in tight quarters, the pub for men functioned as a living room. It was a place to gather to network for jobs, socialize or just reminisce about home in Ireland. 

McSorley’s Old Ale House is one of the oldest Irish pubs in Manhattan. It was opened in 1854 by Irish immigrant John McSorley. It’s still operating today. 

"The history of McSorley’s has always been light and dark ale and no women," explained current owner Teresa Maher de la Haba. 

A court battle in 1969 forced the bar to allow women. Now one owns it. Teresa Maher de la Haba inherited the pub from her father. 

"Nothing really changes here unless we have to, unless it’s forced upon us," she said.

Teresa Maher de la Haba explains her pub’s history.

The bar is still home to those who are new to this country. Bartender Shane Buggy left Ireland right after college to come work. He’s been here more than 15 years. 

"It’s basically walking into a country pub back home," he offered. "No music, no TV's; everyone comes in here to share tables, to get to know everyone beside 'em. Very little social media here at McSorley’s. You get to sit beside somebody random and learn something new about a complete stranger."

Hosting the famous and the infamous, it’s still a favorite watering hold for the military, cops, firefighters and anyone with a thirst for nostalgia. 

"It’s the most historic bar you’ll ever walk into, from what we have on the walls to what we represent," Buggy added. "It’s a privilege to live here and work for a family, another great Irish family who moved over and have a great success story out of Ireland."  A personal note

FOX 5’s Sharon Crowley outside the brownstone where her grandmother lived.

Another family with roots in Ireland that has lived here in New York City for generations is my own. On West 95th Street is a brownstone where my grandmother lived as a little girl. 

Her father, Dr. Albert Scully, left his family’s farm in Ireland in the late 1800’s to practice medicine here in New York City. I am told he wrote a letter home to his family once he settled here in New York indicating he wouldn’t be returning to the farm in Ireland – he liked it just fine here in New York City.

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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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