Nvidia’s CEO Jensen Huang has announced that the company’s latest GPU, Blackwell, is in full production and experiencing high demand. The Blackwell GPUs are being released to data centers and industrial customers for artificial intelligence applications, with consumer availability expected in 2025. Huang stated that the company is updating its platform every year, increasing performance and revenue for customers.
In other news, Tesla’s chief information officer, Nagesh Saldi, is leaving the company just a week before its highly anticipated robotaxi event. Saldi oversaw the development of Tesla’s data centers and reported directly to CEO Elon Musk.
Eli Lilly’s weight-loss drug tirzepatide is no longer facing a shortage in the US, according to the FDA. The drug, marketed as Mounjaro and Zepbound, has been in shortage since 2022 due to increased demand.
The ISM US Services PMI clocked in at 54.9 in September, topping the 51.5 consensus and rising from 51.5 prior. Weekly initial jobless claims rose to 225,000 vs. 221,000 consensus. Economist Joseph Brusuelas expects claims to climb toward the 13-week moving average of 235k in coming weeks but no major increase in the pace of firings.
Constellation Brands issued a mixed fiscal Q2 earnings report, with revenue up 2.8% year-over-year but missing the consensus estimate by $30 million. Management cited the current macroeconomic backdrop as weighing on the booze industry.
RTX was upgraded to Hold from Sell at Deutsche Bank, with analysts citing the company’s significant aviation business as a driver of growth.
In the Wall Street Research Corner, UBS identified the most crowded shorts and longs in the restaurant sector. The most crowded longs include Texas Roadhouse, Chipotle, Wingstop, and Dave & Buster’s, while the most crowded short names include Kara Sushi, Sweetgreen, Krispy Kreme, and Starbucks.
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