Nvidia announced a new AI chip model called “Rubin” before its latest “Blackwell” chips have even been shipped to customers. Nvidia CEO Jensen Huang stated that the company plans to release new AI chip models on a yearly basis. Nvidia’s stock has risen more than 120% year-to-date, solidifying its position as a leader in AI technology despite competition from other tech companies.
Stock futures were relatively stable on Monday evening, with the three major contracts showing minimal movement. The upcoming week will feature several key economic reports and corporate updates. Some of the notable events include construction spending and ISM manufacturing data on Monday, JOLTS job openings data and earnings reports from companies like Hewlett Packard Enterprise and Bath & Body Works on Tuesday, and ISM services PMI data and earnings reports from companies like Campbell Soup and Dollar Tree on Wednesday.
On Thursday, initial jobless claims data will be released along with earnings reports from companies like J.M. Smucker Co. The week will culminate with the release of the May jobs report on Friday. These economic reports and earnings releases will provide insight into the current state of the economy and the performance of various companies across different sectors.
Nvidia’s announcement of the new AI chip model “Rubin” highlights the company’s commitment to innovation and staying at the forefront of AI technology. The company’s plans to release new chip models annually demonstrate its focus on continuous improvement and adapting to the evolving needs of customers. The rising stock price of Nvidia reflects the confidence investors have in the company’s ability to maintain its leadership position in the AI industry despite competition from other tech giants.
The stable performance of stock futures and the upcoming economic reports and corporate updates indicate a potentially uneventful week in the financial markets. Investors will be keeping an eye on key data releases such as construction spending, ISM manufacturing and services PMI, job openings data, and the May jobs report to gauge the health of the economy. Earnings reports from major companies will also provide insights into the performance of various sectors and the overall business landscape.
