Nvidia Q2 Sales Soar to $96.2B; India Faces Food Price Hikes
By Business Desk
Nvidia’s Q2 sales hit $96.2B, driven by data centers. Meanwhile, India grapples with soaring onion and sugar prices, impacting consumers.
Nvidia Corp. reported robust quarterly sales of $96.2 billion for the second quarter, significantly surpassing analyst estimates and more than doubling the previous year’s figures.
- Quarterly Sales: $96.2 billion
- Data Center Revenue: $89 billion
The company’s data center business emerged as a primary growth driver, contributing a substantial $89 billion to the overall revenue.
Meanwhile, global investors keenly await Federal Reserve Chair Kevin Warsh’s keynote speech at the Jackson Hole Economic Policy Symposium, seeking clarity on the central bank’s stance regarding inflation, interest rates, and economic growth.
India’s Market Pressures
Indian consumers faced mounting pressure from surging food prices last week, with both onion and sugar commodities seeing significant year-on-year increases.
- Onion Prices: Rose 59% year-on-year to Rs 43.53 per kg
- Sugar Prices: Climbed 31% to Rs 63.97 per kg
In response to the onion supply challenges, the government initiated the ‘Kanda Express’ program to stabilize the market.
Separately, Hindustan Copper’s Offer for Sale garnered a strong retail response, successfully raising nearly Rs 3,000 crore from the market.
Global Economic Engagements
India is actively pursuing stronger economic engagement with Japan, exploring a potential review of their existing Comprehensive Economic Partnership Agreement.
Globally, oil prices experienced fluctuations amidst uncertainties surrounding the Strait of Hormuz and ongoing risks impacting Russian energy infrastructure.
The week also saw a rising death toll from catastrophic floods near the Nepal-Tibet border, highlighting broader global challenges.