Market Prognosis

A concise summary of the major macro events of the past 24 hours, and selected UK company-specific news.

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February 22, 2024

The Magnificent One

Macro

Never mind the Magnificent Seven. So much nervous attention focused on Nvidia in the last couple of days; it is beginning to feel like the Magnificent One.

Nvidia’s results and outlook statement settled nerves last night as CEO Jensen Huang talked about the AI tipping point and how the world is entering a whole new investment cycle in chipsets and data centres. Nvidia’s revenue more than tripled to $22.1 billion in Q4, with the sales in the Datacenter Division growing at over 400% year on year.

Sam Altman’s incredible $5-7 trillion needed to repurpose the world for AGI seems to be in the right ballpark.

UK Companies

Bytes CEO resigned yesterday following undisclosed share trades.

This should be a classic buying opportunity with the shares c.10% lower. But risks always linger. As the adage says, there is no smoke without fire. Let’s see. 

Indivior updated on strong Sublocade sales and another year of double-digit guided revenue growth in 2024. It is moving its primary listing to the US.

RBG announces an equity raise to reduce borrowings and ease short-term funding constraints.

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Any prices quoted in our research are as at the previous day’s close.