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Nvidia, the chipmaker driving the boom in artificial intelligence (AI), has seen fresh falls in its share price following an earnings report amid continued supply chain constraints.

Its third quarter trading update showed demand for its top generative AI chips would continue to outstrip supply for at least a year.

Some would argue it is a nice problem to have but those curbs on revenue have been widely blamed for Nvidia failing to smash market expectations for revenues this year, holding back its performance.

Nvidia said revenues came in at just above $35bn over the three months – above the $33bn consensus, according to LSEG data.

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The company, which has topped the rankings for the most valuable listed firm several times since late spring, has enjoyed an unprecedented increase in its share price, which began in earnest during 2023.

But despite shares performing well – they are up by 190% in the year to date and nine-fold over two years – they have endured more of a rocky ride over the second half of 2024.

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That is because investors have fretted over the prospects for AI, competition to Nvidia and delays to its next generation Blackwell chips.

Nvidia values took a surprise fall despite bumper earnings figures for the first six months of its financial year and plunged further when widespread US market jitters set in at the beginning of September over the prospects for the US economy.

Fears that tech stocks were overvalued also contributed.

Nvidia boss Jensen Huang said on Wednesday of sales: “The age of AI is in full steam, propelling a global shift to NVIDIA computing.

“Demand for Hopper and anticipation for Blackwell – in full production – are incredible as foundation model makers scale pretraining, post-training and inference,” he said of the chips.

Jensen Huang is Nvidia's chief executive. Pic: AP
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Jensen Huang is Nvidia’s chief executive. Pic: AP

Market analysts noted, ahead of the earnings update, that a positive share price reaction would depend on the revenue guidance not only being smashed but the outlook being broadened.

They also sought reassurance that Blackwell’s rollout was seen to be on track to help justify the more recent share price recovery, one that tech has seen more generally since Donald Trump’s US presidential election victory was declared.

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One of the bottlenecks for Nvidia’s chip supply has been the limited capacity for advanced production techniques at its manufacturing partner TSMC.

The revenue guidance for the fourth quarter was put at $37.5bn compared to a $37bn figure anticipated by market forecasts.

Shares were down by more than 2% in after-hours dealing, following a decline during regular Wall Street hours.

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Google could be forced to sell its Chrome browser over internet search monopoly claims

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Google could be forced to sell its Chrome browser over internet search monopoly claims

Google must sell its Chrome browser to restore competition in the online search market, US prosecutors have argued.

The proposed breakup has been floated in a 23-page document filed by the US Justice Department.

It also calls for lawmakers to impose restrictions designed to prevent its Android smartphone software from favouring its own search engine.

If the rules were brought in, it would essentially result in Google being highly regulated for 10 years.

Google controls about 90% of the online search market and 95% on smartphones.

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Court papers filed on Wednesday expand on an earlier outline for what prosecutors argued would dilute that monopoly.

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Google called the proposals radical at the time, saying they would harm US consumers and businesses and shake American competitiveness in AI.

The company has said it will appeal.

The US Department of Justice (DoJ) and a coalition of states want US District Judge Amit Mehta to end exclusive agreements in which Google pays billions of dollars annually to Apple and other device vendors to be the default search engine on their tablets and smartphones.

Google will have a chance to present its own proposals in December.

A trial on the proposals has been set for April, however President-elect Donald Trump and the DoJ’s next antitrust head could step in.

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Trump picks Dr Oz to lead Medicare and Medicaid

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Trump picks Dr Oz to lead Medicare and Medicaid

Donald Trump has chosen TV host Dr Oz to lead the Centers for Medicare and Medicaid Services (CMS).

Celebrity heart surgeon Dr Mehmet Oz rose to prominence working on Oprah Winfrey’s leading daytime television show before getting his own long-running series.

But how has he gone from TV personality to Donald Trump’s choice for overseeing a massive government agency?

The 64-year-old, who started out as Professor of Surgery at Columbia University, became a household name during 13 seasons of The Dr Oz Show, which ran from 2009 to 2022.

Dr Oz during a TV appearance in 2012. Pic: AP
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Dr Oz during a TV appearance in 2012. Pic: AP

He was popular, though his promotion of alternative medicine, faith healing and various paranormal beliefs earned him criticism from a number of medical publications and physicians.

The critics accused him of blurring the lines between medical advice and advertising, failing to make clear to his audience just how closely he worked with the companies he pitched.

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Despite the controversy, Dr Oz’s show was a hit and his net worth sat between $100m (£79m) and $315m (£249m) in 2022, according to a federal financial disclosure he filed that year.

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Beyond being an Emmy-winning TV show host, he is also an author of New York Times bestsellers, radio talk show host, founder of a national nonprofit to educate teens about healthy habits, and self-styled ambassador for wellness.

He was also a regular Fox News commentator, and a champion of unproven treatments for COVID including hydroxychloroquine, an antimalarial drug whose use against the disease was also backed by Trump.

Dr Oz holding his Emmy for outstanding talk show host in 2016. Pic: Richard Shotwell/Invision/AP
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Dr Oz holding his Emmy for outstanding talk show host in 2016. Pic: Richard Shotwell/Invision/AP

He became a fierce critic of Joe Biden’s government during the COVID pandemic, challenging its policies on social media.

Moving into politics

Dr Oz played a lesser part in the first Trump administration from 2016, when he was appointed to the President’s Council on Sports, Fitness and Nutrition.

But it was in 2022, after his show concluded, when Dr Oz really transitioned into politics by running for US Senate as a Republican in Pennsylvania.

The campaign leaned heavily into his celebrity status, with his campaign logo almost identical to his TV show logo.

Mehmet Oz campaigning for Senate in 2022. Pic: AP
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Mehmet Oz campaigning for Senate in 2022. Pic: AP

During his campaign rallies, he would talk up his “number one health show in the world,” give the odd piece of medical advice to supporters and spend a lengthy amount of time signing autographs and posing for photos.

Following a court battle that went all the way to the US Supreme Court, Dr Oz narrowly won the primary over Dave McCormick by 951 votes, becoming the Republican candidate, but lost to Democrat John Fetterman in the general election.

His relationship with Trump

Donald Trump stands behind Dr Oz during rally in 2022
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Donald Trump stands behind Dr Oz during rally in 2022. Pic: Reuters

The surgeon has had a long, personal relationship with the president-elect spanning back to the early 2000s.

He said in an interview during his Senate campaign that the pair first met in 2004 or 2005, when Dr Oz asked Mr Trump to use his golf course for an event for his children’s charity.

Mr Trump agreed and, after that, they saw each other intermittently at social events before Dr Oz interviewed him about his health during the 2016 presidential campaign.

Mr Trump appeared on his show, where he also said his wife Melania was “a big fan” of the doctor.

The pair then worked together when Mr Trump won the election and put Dr Oz on the President’s Council.

Then in 2022, Mr Trump was integral to Dr Oz’s push for Senate, giving him his eagerly sought-after endorsement.

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“Women, in particular, are drawn to Dr Oz for his advice and counsel. I have seen this many times over the years. They know him, believe in him, and trust him,” Mr Trump said when he first backed him.

“You know when you’re in television for 18 years, that’s like a poll,” added the billionaire, who himself starred on 14 seasons of The Apprentice US.

“That means people like you.”

What will his role be?

If confirmed by the Senate to take the role, Dr Oz would oversee Medicare, Medicaid, children’s health insurance and the Affordable Care Act, better known as “Obamacare”.

The programmes cover more than 160 million people, from new-borns to nursing home residents.

CMS also plays a central role in the nation’s $4.5trn health care economy, setting payment rates for hospitals, doctors, labs and other service providers.

“Dr Oz will be a leader in incentivising disease prevention, so we get the best results in the world for every dollar we spend on healthcare in our great country,” the president-elect said in a statement.

“He will also cut waste and fraud within our country’s most expensive government agency, which is a third of our nation’s healthcare spend, and a quarter of our entire national budget.”

Dr Oz said he was “honoured” to be nominated for the role and looked forward to “serving my country to Make America Healthy Again”.

He, like all of Mr Trump’s picks, must be questioned by members of the Senate before it votes on his appointment. Even with the Republicans in control, some of the picks could be blocked.

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Americans upset about Trump win offered ‘€1 houses’ in Italian village of Ollolai

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Americans upset about Trump win offered '€1 houses' in Italian village of Ollolai

Americans distraught by the re-election of Donald Trump are being offered an escape route – a €1 house in an Italian village.

Ollolai, on the island of Sardinia, is selling some dilapidated properties for the price of an espresso in an effort to boost its flagging population.

It has launched a web page to try to entice Americans to relocate, asking: “Are you worned out [sic] by global politics? Looking to embrace a more balanced lifestyle while securing new opportunities?

“It’s time to start building your European escape in the stunning paradise of Sardinia.”

The village is in the rural heart of Sardinia but the island’s famous beaches are little more than an hour’s drive away.

Ollolai authorities say a selection of houses for just over a dollar are available and that “many buyers” have already successfully renovated such properties.

Americans who don’t fancy a renovation project can also purchase a house that’s ready to move into, with these going for up to €100,000 (£83,000).

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The village also promises expats will get help “finding contractors and navigating the necessary bureaucracy” as part of a fast-track procedure to get set up.

The exact state of the €1 “fixer-upper” properties is unclear as pictures haven’t yet been added to the site, though Ollolai promises these are coming soon.

Ollolai centre. Pic: Google Street View
Image:
Ollolai centre. Pic: Google Street View

Mayor Francesco Columbu told CNN the site was created specially after Donald Trump‘s convincing win in the presidential election left some Americans worried about the future of the country.

“We just really want, and will focus on, Americans above all,” said the mayor.

“We can’t of course ban people from other countries to apply, but Americans will have a fast-track procedure.

“We are betting on them to help us revive the village, they are our winning card.”

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Mr Columbu said the site had already received nearly 40,000 requests for information.

It’s not the first time Ollolai has offered such a deal – it launched the same bargain-basement property offer in 2018.

It is hoping to reverse a decline that has seen its population fall from 2,250 to about 1,300 in the last half century as young people move to bigger towns and cities.

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