Chip maker Nvidia said revenue in its recently completed quarter more than doubled from a year ago, setting a new company record, and projected that surging interest in artificial intelligence is propelling its business faster than expected. Nvidia is at the heart of the boom in artificial intelligence that made it a $1 trillion company this year, and it is forecasting growth that outpaces even the most bullish analyst projections. The company's chips are the computational muscle behind lots of popular AI tools, including OpenAI's ChatGPT and similar language-generation systems made by Google, Microsoft and others. Nvidia has invested in making chips and software for AI for more than a decade and has no competitors who can yet match it. "The race is on to adopt generative AI," Chief Executive Jensen Huang said, describing a new computing era where companies are transitioning from general-purpose computing to digital infrastructure geared for AI. Nvidia's stock, already the top performer in the S&P 500 this year, rose 7.5% following the results, which would be about $87 billion in market value.

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The Swiss stock market ended on a bright note on Wednesday thanks to sustained buying at several counters amid optimism about results updates from U.S. technology majors. Investors also looked ahead to the upcoming Jackson Hole Symposium in Wyoming, where global central bankers are scheduled to speak. The benchmark SMI ended with a gain of 97.96 points or 0.9% at 10,973.64. The index scaled a low of 10,925.13 and a high of 11,021.56. Roche Holding climbed 3.75%. Lonza Group and Givaudan gained 2.32% and 2.15%, respectively. UBS Group advanced 1.33% and Swiss Re gained 1.23%. Logitech gained nearly 1%. Swisscom, Nestle, ABB, Sika and Geberit also closed higher. Holcim ended 1.53% down. Kuehne & Nagel declined nearly 1%. Partners Group and Novartis posted modest losses. In the Mid Price Index, Meyer Burger Tech and Bachem Holding gained 2% and 1.75%, respectively. PSP Swiss Property, Swatch Group, SIG Combibloc, Tecan Group, Swiss Prime Site and SGS gained 0.9 to 1.4%. Dufry ended lower by 1.04%. Adecco, Helvetia, Lindt & Spruengli and Galenica Sante also closed weak.

European stocks closed broadly higher on Wednesday with investors digesting data on manufacturing activity, and looking ahead to U.S. chipmaker Nvidia's results and the upcoming comments from central bankers at the Jackson Hole Symposium later in the week. The pan European Stoxx 600 climbed 0.39%. The U.K.'s FTSE 100 gained 0.68%, Germany's DAX advanced 0.15% and France's CAC 40 edged up 0.08%, while Switzerland's SMI jumped 0.9%. Among other markets in Europe, Czech Republic, Denmark, Finland, Ireland, Netherlands, Poland and Portugal ended higher. Austria, Belgium, Greece, Iceland, Norway, Russia and Turkiye closed weak. Spain and Sweden ended flat. In the UK market, Endeavour Mining surged 4.2%. Unite Group, Segro, Fresnillo, Flutter Entertainment, Land Securities, Anglo American Plc, Ocado Group and Prudential gained 2.3 to 3.2%. National Grid, Severn Trent, Croda International, Melrose Industries, Barratt Developments, Taylor Wimpey, Rio Tinto, Persimmon and Halma also moved up sharply. JD Sports Fashion dropped 5.4%. BP, Centrica, Frasers Group, B&M European Value Retail, Johnson Matthey, Shell and Standard Chartered lost 0.5 to 1.4%. In the German market, Vonovia climbed 2.3%. Symrise, Merck, Fresenius Medical Care, E.ON, Deutsche Telekom, Qiagen and SAP gained 1 to 1.8%. Puma, Adidas and HeidelbergCement lost 3.7%, 3.3% and 2.7%, respectively. Commerzbank, Siemens Energy, BMW and Continental declined 1.2 to 2%. In Paris, Teleperformance surged 2.7%. Eurofins Scientific, Alstom, WorldLine, L'Oreal, Unibail Rodamco and Thales gained 1 to 1.7%.

Technology and real-estate shares lifted the S&P 500 to its best daily performance since June despite surveys of purchasing managers that flashed warnings of economic slowdown on both sides of the Atlantic. The S&P 500 rose 1.1%. Energy shares were the only segment of the broader index that ended the day down, drifting lower along with prices for oil and gas futures. The Dow Jones Industrial Average added 0.5% or about 184 points. The Nasdaq Composite, which is loaded with tech stocks, gained 1.6% and is now up 31% this year thanks to investor excitement over artificial intelligence and chip makers powering the latest computing boom. Shares of retailers and consumer focused firms that reported quarterly results Wednesday were widely divergent. Foot Locker shares dropped 28%, while Abercrombie & Fitch popped 24%. Williams-Sonoma added 13% and Kohl's, Advance Auto Parts and Bath & Body Works each climbed at least 3% on their own results. Stationary-bike maker Peloton Interactive, a lockdown darling, shed 23% to close at a record low after warning investors to expect more losses ahead. Nvidia, the first semiconductor firm to achieve a trillion-dollar stock market value, gained 3.2% Wednesday before reporting its highly anticipated second-quarter earnings. Nvidia, the top performer this year in the S&P 500, topped analysts expectations, with record sales of $13.51 billion in its second fiscal quarter, more than twice the amount a year ago. Shares jumped more than 8% in after hours trading.

The East Asian stock markets are showing partly strong gains on Thursday. The results of the US chip company Nvidia, which exceeded expectations, provided a positive impulse. The Hang Seng Index in Hong Kong showed the strongest gain with 1.9 per cent, the technology sub-index rose by 3.2 per cent. The Shanghai Composite improves by 0.5 per cent. In Tokyo, the Nikkei index gains 0.4 per cent to 32,150 points, held back somewhat by a firmer yen after the dollar came under pressure following US economic data. The Kospi in Seoul is up 1.0 per cent.

The 10-year Treasury yield declined to 4.197% on Wednesday, down the second straight day after hitting 4.339% on Monday, which was the highest closing level since 2007. Yields also declined on 30-year bonds and one-year bills. Yields fall when prices rise.

UBS lowers Adyen target to EUR 854 (1,641) – Neutral

UBS raises Emmi target to CHF 815 (770) – Sell

HSBC lowers Talanx to Hold (Buy)/Target EUR 61 (54.50) – Trader

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