Shares of Nvidia fell on Wall Street despite the artificial intelligence (AI) chip giant comfortably beating expectations after doubling its sales.

Nvidia reported record revenue of $30bn (£24.7bn) in the three-month period.

The company has been one of the biggest beneficiaries of the AI ​​boom, with its stock market value soaring to more than $3 trillion.

But while analysts are accustomed to seeing Nvidia generate “spectacular” sales growth, the latest results show “the rate of growth has started to slow,” said Simon French, head of research at Panmure Liberum.

Analysts had forecast sales growth of $28.7bn for the three months to 28 July.

Nvidia topped this with a 122% year-over-year revenue increase.

But Nvidia’s share price fell 6% in after-hours trading in New York.

“There’s little to beat valuations now,” said Matt Pritzman, senior equity analyst at Hargreaves Launceston. “Markets expect them to break down, and it’s the size of today’s pulse that seems a touch deceiving.”

Announcing the latest results, Nvidia Chief Executive Jensen Huang said: “Emergent AI will revolutionize every industry.”

But Mr French told the BBC: “If you’re going to raise expectations, you have to keep growing at spectacular rates.”

While its current AI chip — called Hopper — is selling well, the next-generation Blackwell chip “has faced some production delays and that’s probably one of the reasons why Wall Street sold off the stock after hours,” he said.

Nvidia’s results have become a quarterly event that sends Wall Street into a frenzy of buying and selling the stock.

According to the Wall Street Journal, a “watch party” was planned in Manhattan, while Mr. Huang, famous for his signature leather jacket, was called. “The Taylor Swift of Technology”.

Alvin Nguyen, a senior analyst at Forrester, told the BBC that both Nvidia and Mr Huang had become “the face of AI”.

That has helped the company so far, but could also hurt its valuation if AI fails to deliver after companies have invested billions of dollars in the technology, Mr Nguyen said.

“A thousand use cases aren’t enough for AI. You need a million.”

Mr Nguyen also said Nvidia’s first-mover advantage means it has market-leading products with a “software ecosystem” its customers have used for decades.

He said competitors like Intel could “chipping” Nvidia’s market share if they developed a better product, though he said that would take time.

WASHINGTON — The Supreme Court on Wednesday rejected a petition by the Biden administration seeking to renew a recent plan to tackle federal student loan debt.

In a summary order, the court denied an emergency motion filed by the administration to lift the nationwide ban imposed by the appeals court. There were no significant differences of opinion.

The order said the appellate court, which is currently handling the case, “must deliver its decision with appropriate dispatch”.

In July 2023, the next month after the Supreme Court ruled that the administration lacked the authority to implement President Joe Biden’s previous debt forgiveness program, the Education Department issued a regulation that would end its prestigious Tuition or Save program.

The new initiative, like the previous one, was challenged by several conservative-leaning states, led by Missouri.

“This court order is a stark reminder to the Biden-Harris administration that Congress did not give them the power to make working Americans pay off someone else’s $500 billion in Ivy League debt,” Missouri Attorney General Andrew Bailey said in a statement. “This is a huge win for every American who still believes in paying their own way.”

A spokeswoman for the Department of Education said the administration will continue to push for lower repayment options for borrowers.

“We are disappointed in this decision, especially since lifting the ban will allow borrowers across the country lower down payments and other benefits,” the spokesperson said in a statement. “While we await a final decision from the Eighth Circuit, the Department will work to minimize further harm and disruption to borrowers.”

The new proposal contains several provisions, including one that would limit the amount people must repay to 5% of their income for undergraduate loans. Earlier this limit was 10%.

Challengers said it would require up to $475 billion in spending not authorized by Congress. They say it should be blocked for the same reason the Supreme Court blocked Biden’s earlier plan.

Under the “vital questions” doctrine adopted by the Court’s conservative justices, federal agencies cannot initiate new policies with significant economic consequences without the express authorization of Congress.

The states argued in court papers that the Biden administration’s “insistence on unfettered authority to cancel every penny of every debt is staggering.”

Other provisions in the new plan would put limits on accrued interest and shorten the repayment period for some smaller loans before allowing them to be forgiven.

The states sued to block the program in April, only for a federal judge in Missouri to stay the shortened repayment plan.

But in an Aug. 9 ruling, the St.Louis-based 8th US Circuit Court of Appeals issued a more stringent injunction, suspending other provisions.

In court documents, Solicitor General Elizabeth Preloger said changes in repayment amounts are allowed under a 1993 federal law that says the education department can determine an “appropriate portion” of income to calculate payment amounts and set repayment deadlines.

He said the “overwhelmingly broad” appeals court block goes beyond the new plan and prevents implementation of earlier changes to repayment terms from 1994, thereby “disrupting the settled expectations of borrowers who have paid for years or even decades.”

About 8 million people are already enrolled in the SAVE program, and other rules previously in place allowed for lower reimbursements.

The plan has also been challenged in other courts, with judges blocking parts of it. But the 8th Circuit’s decision has made those cases less relevant.

For that reason, the Supreme Court on Wednesday dismissed separate petitions filed by various states challenging the plan.

Washington – Supreme Court Justice Ketanji Brown Jackson said he was “troubled” by a landmark court decision that exempted former President Donald Trump from prosecution for official acts he carried out while in office.

Jackson, in an interview with “CBS Evening News” anchor and managing editor Norah O’Donnell, suggested the ruling gives Trump special treatment compared to others in the criminal justice system.

“When we have a criminal justice system that generally treats everyone the same, I’m concerned about a system that gives immunity to a person in a particular situation,” he said.

It was Jackson’s first broadcast interview since joining the Supreme Court and coincides with the release of his memoir, “Lovely One,” on Tuesday.

The Supreme Court’s ruling, issued in July, fell on ideological lines, with six Republican-appointed justices concluding that former presidents were afforded legal immunity for crimes they allegedly committed in the course of their official duties. But the Supreme Court Rejected Trump’s argument He has absolute immunity unless impeached by the House and convicted by the Senate.

In his dissent, Jackson wrote, “The Court now declared for the first time in history that the most powerful officer in America (under circumstances not yet fully determined) could become a law unto himself.”

The decision halts special counsel Jack Smith’s lawsuit against Trump, who has been accused of opposing a peaceful transition of power after the 2020 election.

On Tuesday, Smith filed A smashing charge After the Supreme Court’s ruling against Trump, the former president avoided prosecution for some of the conduct described in the original indictment, which narrowed the charges.

Asked if he was ready for the upcoming election-related cases to end up in the Supreme Court, Jackson replied that he was “as ready as anyone.”

“I think legal issues arise out of the political process. So, if necessary – the Supreme Court should be ready to respond,” he said.

Watch Norah O’Donnell’s interview with Supreme Court Justice Ketanji Brown Jackson on “CBS News Sunday Morning.”

One of America’s oldest Latino civil rights organizations is raising alarm after several of its members’ homes were raided as part of a voter fraud investigation by the Texas attorney general’s office.

The League of United Latin American Citizens (LULAC) wants the Justice Department to investigate the raids on at least three members in Texas. Texas Attorney General Ken Paxton said In a statement Last week his office executed several search warrants in Bexar County, including San Antonio and neighboring Frio and Atascosa counties, as part of an ongoing, two-year investigation. The office did not provide details of the investigation or respond to a request for comment.

No arrests have been made and the exact nature of the investigation remains unclear. But Lulock officials said the searches were designed to intimidate them.

“They’re trying to intimidate people who sign up,” said Roman Palomares, Lulac’s president. “What they’re trying to do is they’re trying to scare, and then it has repercussions here, where everybody reads about it and they go, ‘Oh my god, I mean, if they do that to her and I’m a registrar, oh my god, how are they going to go after me?

A spokeswoman for the Justice Department said the agency was aware of the matter and declined to comment further.

Lydia Martinez, 87, said nine officers from the attorney general’s office showed up at her front door at 6 a.m. last Tuesday and searched her home for several hours, seen in her nightgown. He said they were there because senior citizens had complained that they had not received their votes.

Martinez was taken outside in front of his neighbors while officers searched the home, he said. Eventually, the officers took away her laptop, planner and cell phone.

“I asked them why you are doing this. He said because there was fraud,” he said. “I said I didn’t do anything illegal. All I do is help seniors.

Texas has very strict rules on mail-in voting. Only those 65 years of age and older are eligible to request a postal ballot. Anyone assisting someone in requesting a ballot must fill out a form indicating that they assisted. Voters themselves or A family or household member Power to withdraw the ballot paper.

Paxton’s office has operated an entire division dedicated to investigating voter fraud cases for years. The unit has a budget of millions of dollars but closes very few cases. Last fiscal year, for example, it had a budget of $2.3 million and handled only four cases. According to the Houston Chronicle.

In 2021, Texas’ highest criminal court ruled that Paxton could not prosecute cases unilaterally and instead had to be subpoenaed by a local district attorney (her office said local prosecutor Audrey Lewis subpoenaed him in the Lulock case). Prior to that ruling, Paxton Raise cases To create the impression that he had uncovered a huge fraud in Texas.

Paxton, who filed an unsuccessful Supreme Court case to overturn the 2020 election results, said his office last week Investigation Reports of persons registering non-citizens outside DMVs. That investigation appeared to be prompted by a quickly-deleted claim from Fox’s Maria Bartiromo.

Paxton’s hearings come as Republicans fan fears of noncitizen voting, which is extremely rare, ahead of this fall’s election.

A copy of the search warrant for Martinez, provided by Lulock, directed authorities to gather evidence of violations of Texas law that prohibits collecting mail ballots for compensation or “providing votes for a specific candidate” or “distributing votes for a specific candidate.” Authorities were also instructed to gather evidence under Texas law that prohibits the fraudulent use or possession of personally identifiable information.

Martinez said authorities asked him about other LULAC members and Manuel Medina, a Democratic political activist and former chairman of the Democratic Party in Bexar County. Madina’s house was also raided last week. The Texas Tribune reported. An affidavit obtained from a Texas attorney general’s office investigator says authorities have records of Medina discussing a campaign to get votes for Cecilia Castellano, a Democrat.

Castellano said his home was also searched on Monday. She said officers arrived at 6 a.m. with flashlights while her son was sleeping.

“This is how the Republican Party works. They create confusion, false allegations and waste our tax dollars,” he said.

In the second half of last season, Packers quarterback Jordan Love was one of the most efficient passers in the NFL. He completed 70.3% of his passes for 2,150 yards and 20 touchdowns with one interception over his final eight games. That second half earned him a four-year, $220 million extension this offseason. Now, Green Bay and Love’s fans are hoping he can build on his late last season and climb the 2024 fantasy football QB rankings. So where should Love be in the 2024 fantasy football rankings and what other quarterbacks should be considered for your 2024 fantasy football draft cheat sheets?

With live updates on reliable 2024 fantasy football rankings, you can make educated decisions at every stage. If you are looking for 2024 fantasy football advice, Check out the 2024 fantasy football cheat sheets from a proven computer model at SportsLine.

Last year, the model accurately predicted that Dolphins wide receiver Jaylen Waddle would fail to live up to his fantasy football ATP. Waddle’s 2023 Fantasy Football ADP was 34.86 overall, and he was the 11th receiver in average. He would go on to have a 1,000-yard season, but had just 72 receptions with four touchdowns, and he was ranked No. 1 in CBS Sports PPR leagues. 34 in fantasy football as a wide receiver.

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Best 2024 Fantasy Football QB Rankings

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1. Jalen Hurts, Philadelphia Eagles: Hurts is coming off a season where he rushed for 3,858 yards and 23 touchdowns last season. He’s looking to cut down on the 15 interceptions he’s thrown, but without sacrificing offense, as he ranks third among NFL QBs in air yards per pass attempt (8.7) and fourth in fantasy points (0.65).

2. Josh Allen, Buffalo Bills: Allen rushed for 15 touchdowns and threw for 4,306 yards and 29 touchdowns last season. However, he struggled with turnovers (18 interceptions and seven fumbles) and now he’s lost No. 1 receiver Stefon Diggs (traded to Houston). Allen has finished as the QB1 or QB2 in each of the last four seasons, and the model predicts another strong finish in 2024.

3. Lamar Jackson, Baltimore Ravens: The reigning NFL MVP threw for 3,678 yards and 24 touchdowns with seven interceptions, while rushing for 821 yards and five scores. With Derrick Henry now on the roster softening up defenses, expect even more big plays from Jackson and look for one-on-ones outside of exploits. Check out more great QBs here.

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1. Christian McCaffrey, San Francisco 49ers: This is the No. 1 overall pick in all formats. Ranked 1st. McCaffrey has 3,233 scrimmage yards and 31 touchdowns in 27 games since joining the 49ers, and you can pencil him in for 20 touches or more on an almost weekly basis.

2. Brees Hall, New York Jets: Hall’s status at the start of 2023 was questionable as he recovered from a season-ending injury in his rookie season and the Jets limited him in the first month of the season, giving him just 37 touches through the first. Four games. However, he had a 177-yard rushing day against the Broncos and tossed out 1,585 scrimmage yards and nine scores. He’s healthy now and should be the focal point of the Jets’ offense.

3. Saquon Barkley, Philadelphia Eagles: Barkley left the Giants for the Eagles this offseason after failing to secure an extension after six years in New York. Now he’ll be playing behind a better offensive line than he’s used to and surrounded by a talented cast of Eagles talent. He has produced 2,892 scrimmage yards and 20 touchdowns over the past two seasons, and he could have an even bigger year with Philadelphia in 2024. Check out more great RBs here.

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1. CeeDee Lamb, Dallas Cowboys: The former Oklahoma star has continued to improve throughout his career, and he finished as the WR1 in fantasy points per game last season. Lamb finished with more than 100 receiving yards in 7 of his final 12 games, including a 227-yard performance in Week 17. He should challenge for the WR1 title again this season, especially since Dallas returns the same roster from last year.

2. Tyreek Hill, Miami Dolphins: Hill finished second among fantasy wide receivers last year. He has over 1,700 receiving yards and 12 touchdowns at age 29, so there’s nothing to suggest a drop off from the Hill this year. Miami’s offense has proven it can provide plenty of size for plenty of fantasy stars, including Hill and quarterback Jaylen Waddle.

3. Amon-Ra st. Brown, Detroit Lions: He finished third behind Lamb and Hill last season, averaging 16.5 points per game and posting 247.5 fantasy points. St. Brown had a 30% target share and 34% air yards share in one of the league’s best offenses, earning a four-year contract extension for his efforts. He’s entering the prime of his career, and SportsLine’s model has him ranked third among wide receivers. Check out more top WRs here.

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Here’s a look at SportsLine’s top three 2024 fantasy football TE picks:

1. Travis Kelce, Kansas City Chiefs: The 34-year-old has already made a legitimate case to be the greatest tight end of all time, catching 90-plus passes for the sixth straight season in 2023. He signed two. A stretch year for the remainder of the season as the focal point of Kansas City’s elite offense. Some fantasy managers have overlooked Kelce after failing to record 1,000 yards last year, but he’s still the best player at his position.

2. Mark Andrews, Baltimore Ravens: Andrews has only played one full season since his rookie year, but he scored one more touchdown in 10 games last year than he did in 15 the year before. He averaged 4.5 receptions per game last season and continues to be quarterback Lamar Jackson’s first choice. His goals-per-goal average was nearly three percentage points higher than his career average, so his health alone is a legitimate concern for his owners.

3. Sam LaPorta, Detroit Lions: He stunned the fantasy world as a rookie, finishing as the TE1 with 86 receptions for 889 yards and 10 touchdowns. LaPorta is averaging 52.3 receiving yards per game, so it’s easy to see him improving on that number this season. We’ll have to see more from him before SportsLine’s model ranks him ahead of Kelce and Andrews, but LaPorta is already one of the league’s best tight ends. Check out more great TEs here.

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TORONTO (AP) — The Canadian government announced Monday it will impose 100% tariffs on imports. Electric vehicles made in China It matches US tariffs and follows similar plans announced by the European Commission.

The announcement came after US National Security Adviser Jack Sullivan encouraged it during a meeting with Canadian Prime Minister Justin Trudeau and cabinet ministers on Sunday. Sullivan will make his first visit to Beijing on Tuesday.

Canada will also impose 25% tariffs on Chinese steel and aluminum, Trudeau said.

“Actors like China have chosen to give themselves an unfair advantage in the global market,” he said.

There was no immediate response from China.

Chinese officials may be concerned about that US tariffs With Sullivan as Beijing repairs its economy after the Covid-19 pandemic. US President Joe Biden in May Hit big new charges Chinese electric vehicles, advanced batteries, solar cells, steel, aluminum and medical equipment.

“The United States believes that a united front, a unified approach to these issues will benefit us all,” Sullivan told reporters on Sunday.

Chinese government subsidies for EVs and other consumer goods ensure Chinese companies don’t have to make profits, giving them an unfair advantage in global trade, Biden said.

Chinese companies can EVs can be sold for $12,000. China’s solar cell plants and steel and aluminum plants have enough capacity to meet most of the world’s needs. Chinese officials argue that this keeps their production costs low and helps the transition to a green economy.

Trudeau said of the new tariffs that “this is a challenge we all face as we work in tandem with other economies around the world in alignment. If we all want to go down a race, we have to stand up.”

Canada will also launch a 30-day consultation on possible tariffs on Chinese batteries, battery components, semiconductors, critical minerals, metals and solar panels, Deputy Prime Minister Chrystia Freeland said.

“China has a deliberate state-led policy of overcapacity and oversupply designed to cripple our own industry,” Freeland said. “We will not let that happen to our EV sector, which has shown such promise.”

The only Chinese-made EVs currently imported into Canada are from Tesla, which is manufactured at the company’s Shanghai factory.

“When you think about economic integration with the U.S., Canada has had to go with the U.S. position, more than 75% of our exports go to the U.S.,” said Guy Saint-Jacques, a former Canadian ambassador to China. It reflects the fear that Donald Trump might be the next president of the United States, so they know we have to be very aligned in all of this.

The story continues

Saint-Jacques said Canada could expect retaliation from China in other industries, with barley and pork being candidates because the Chinese can source them from other countries.

“China wants to send a message,” he said.

CNN
—

A landslide killed one person and injured several others in southern Alaska on Sunday, and some residents were ordered to evacuate, and officials warned another slide could strike nearby.

Several homes, businesses and roads were significantly damaged after a landslide hit the Alaskan coastal town of Ketchikan around 4pm on Sunday. The city said in a release.

“In my 65 years in Ketchikan, I’ve never seen a slide of this magnitude,” said Ketchikan Mayor Dave Kiefer. “The loss of life that we’ve experienced is heartbreaking, and my heart goes out to those who lost their homes,” he added.

In addition to the man killed, three people were taken to the hospital with injuries, the city said An upgrade. One was treated and released, while the other two were admitted.

All residents are accounted for, the city noted.

But some residents in the area were ordered to evacuate on Sunday as city officials worried another landslide could be triggered south of the initial collapse.

The evacuation area includes homes along Third Avenue, Second Avenue and Walter Street, First Avenue and White Cliff Avenue between Austin Street and Nadeau Street, according to the release.

Alaska Gov. Mike Dunleavy issued a disaster emergency declaration for Ketchikan, saying in a post on X, “All state agencies are directed to provide assistance as needed.

“My thoughts and prayers are with the residents of Ketchikan tonight,” the governor added.

An emergency shelter is in place at a local high school and rescue crews are standing by in case another slide hits, the city said.

City Mayor Kefir and Borough Mayor Rodney Dial issued a joint local disaster emergency declaration Sunday.

“As we do this, please keep the affected families in your prayers and know that we will do everything we can to help those in need and recover quickly from this event. We extend our sincere appreciation to first responders, medical personnel, volunteers, businesses and others who are providing assistance,” he said. Dial said.

The slide sent trees, downed power poles and thick waves of dirt crashing into a row of hillside homes. Pictures shared by the city show a wall of rubble lining the sides of several homes.

According to the local utility, power, telephone and internet are out in the area KPU Electric. The city warned of streaks on the ground immediately after the collapse.

Although service was restored to many homes and businesses by Sunday night, at least six power poles still could not be safely repaired, KPU said in an update.

Photos shared by the app showed the road completely blocked by downed trees and what appeared to be a power pole.

KPU Customer Service and City Hall offices will be closed Monday due to the collapse. The city said in its Facebook post.

The city said in another post that several roads near the evacuation area are closed and residents may experience traffic delays.

Ketchikan, with population About 14,000Located on the southern side of Alaska’s Inside Passage – a waterway famous for its spectacular landscapes, fjords and glaciers. The city claims to be the salmon capital of the world.

This is a developing story and will be updated.

CNN’s Jillian Sykes and Amanda Jackson contributed to this report.