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Friday, August 29, 2025
What’s happening: Shares of Nvidia declined on Thursday, after the company released its second-quarter results.
What happened: The computing infrastructure company reported stronger-than-expected sales and earnings for the second quarter.
However, Nvidia’s datacentre revenues missed market expectations for the second consecutive quarter, weighing on the stock.
How were the results: The Santa Clara, California-based company reported double-digit revenue growth for the second quarter.
Why it matters: Nvidia had zero sales of H20 chips in China during the latest quarter. However, the AI chipmaker did manage to record revenues of $180 million from the sale of previously reserved H20 inventories to a customer outside China.
Nvidia has been trying to navigate trade restrictions on H20 shipments to the Asian nation since the Trump administration’s crack down and ban in April. Following a meeting between CEO Jensen Huang and President Donald Trump during the latest quarter, Nvidia said it was hopeful of receiving US licenses to export its H20 chip to China.
The company’s datacentre revenues jumped 56% year-over-year to $41.1 billion but came in short of consensus estimates of $41.34 billion.
Sales in the gaming division, which used to be the company’s biggest segment before the AI book, climbed 49% year-over-year to $4.3 billion. Sales in the robotics division rose 69% year-over-year to $586 million.
Blackwell Data Center revenues grew 17% in the second quarter. Blackwell is the company’s next-gen GPU architecture and platform that is designed to power advanced AI, generative AI, and high-performance computing (HPC) workloads.
Nvidia repurchased $9.7 billion worth of its stock during the second quarter and announced a new share buyback authorisation of $60 billion.
Management guided to revenues of $52.92-$55.08 billion for the third quarter. The projections assume no H20 shipments to China.
How shares responded: Nvidia’s shares slipped 0.8% to close at $180.12 on Thursday following the release of quarterly results. The stock has jumped around 44% over the past six months.
What to watch: Investors will monitor the progress made by Nvidia in securing the required US licenses to send H20 chips to China.
Context: The JPY/USD forex pair edged higher this morning as investors digested the latest economic data.
Details: Data released on Friday showed that Japan’s unemployment rate fell to 2.3% in July. This was much better than market expectations of 2.5% and represented the lowest jobless rate since December 2019.
Core consumer prices in Tokyo’s Ku-area surged 2.5% year-over-year in August, slowing for the third month in a row.
Japan’s industrial production contracted 1.6% in July, following 2.1% growth in the previous month. The latest figure was worse than market estimates of a 1.0% decline. Retail sales in Japan climbed by 0.3% year-over-year in July, slowing from 1.9% in the previous month and missing market estimates of 1.8%.
Meanwhile, Japan’s chief negotiator Ryosei Akazawa announced that his trip to Washington has been cancelled as the country is looking to resolve issues in its trade deal with the US before finalising the agreement.
Strength in the US dollar weighed on the JPY/USD forex pair this morning. The US dollar index, which measures the greenback’s performance versus a basket of major peers, rose around 0.2% to 97.99.
The JPY/USD pair added around 0.1% to reach 146.88 this morning, while Japan’s Nikkei 225 slipped 0.42% to trade at 42,647.92.
What to watch: Investors await the release of data on capital spending (0350 UAE Time) and S&P Global manufacturing PMI (0430 UAE Time) from Japan today. Capital expenditure by Japanese companies, which surged 6.4% year-over-year in the first quarter, is expected to grow by 3.7% in the second quarter. Analysts project the S&P Global Japan manufacturing PMI to rise to 49.9 in August, from 48.9 in July.
Other Markets: US trading indices closed higher on Thursday, with the Dow Jones index, S&P 500 and Nasdaq 100 up by 0.16%, 0.32% and 0.58%, respectively.
Russia launched a massive drone and missile attack overnight on Ukraine’s capital. The news sent the RUB/USD pair higher in forex trading this morning.
Exports from the Philippines surged 17.3% year-over-year to $7.3 billion in July. This being a slowdown from the 26.9% growth recorded in the previous month exerted pressure on the PHP/USD forex pair.
Australia’s private sector credit climbed 0.7% in July. This being the fastest growth since April sent the AUD/USD pair higher in forex trading this morning.
South Korea’s industrial production grew 0.3% in July, slowing from 1.7% in the previous month. The latest reading also came in short of market estimates of 0.5%, exerting pressure on the KRW/USD forex pair.
New Zealand’s ANZ-Roy Morgan Consumer Confidence index declined 3 points to a reading of 92 in August. However, the NZD/USD pair slipped in forex trading this morning.
Italy’s GDP growth rate (1200 UAE Time) and inflation rate (1300 UAE Time), Spain’s current account (1200 UAE Time), India’s government budget value (1430 UAE Time), bank loan growth (1530 UAE Time), deposit growth (1530 UAE Time), foreign exchange reserves (1530 UAE Time) and GDP growth rate (1600 UAE Time), Brazil’s gross debt to GDP (1530 UAE Time), nominal budget balance (1530 UAE Time) and unemployment rate (1600 UAE Time), Germany’s inflation rate (1600 UAE Time), South Africa’s balance of trade (1600 UAE Time), Canada’s GDP growth rate (1630 UAE Time) and budget balance (1900 UAE Time), as well as US core PCE price index (1630 UAE Time), personal income (1630 UAE Time), personal spending (1630 UAE Time), goods trade balance (1630 UAE Time), retail inventories (1630 UAE Time), wholesale inventories (1630 UAE Time), Chicago PMI (1745 UAE Time), Michigan consumer sentiment (1800 UAE Time), Michigan consumer expectations (1800 UAE Time), Michigan current conditions (1800 UAE Time), Michigan inflation expectations (1800 UAE Time), Baker Hughes oil rig count (2100 UAE Time) and Baker Hughes total rigs count (2100 UAE Time).
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