In finance news, the All Ordinaries index experienced a solid trading day. However, in stark contrast, the market value of Nvidia, a leading artificial intelligence chipmaker, has plummeted by almost $650 billion over just three days. David Chau will provide more details on these developments.
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00:00Well, it turned out to be a surprisingly strong day for the markets after shares of Commonwealth
00:07Bank hit a new record high, and that helped drive the All Lords up by 1.3 percent to its
00:13highest level in two weeks.
00:15Meijer shares jumped again after yesterday's announcement that it will take over Just Jeans,
00:19Portmans and other retail brands owned by Premier Investments.
00:24And another standout was Collins Foods, which owns KFC and Taco Bell franchises across the
00:29country.
00:30Its full-year profits surged by a finger-lickin' good 500 percent as consumers have been spending
00:36big on fast food, despite the overall mood being incredibly gloomy.
00:42Although there was a slight pick-up in consumer sentiment this month, cost-of-living pressures
00:46are making people feel as pessimistic as they were during COVID lockdowns and the global
00:51financial crisis, which suggests retail spending and economic growth could be pretty disappointing
00:58in the months ahead.
00:59Overseas, most share markets went up except for Wall Street.
01:03That's after shares of the AI chipmaker NVIDIA plunged 13 percent, or $646 billion in just
01:10three days.
01:12It seems investors had a bit of a rethink after watching NVIDIA briefly overtake Apple
01:17and Microsoft as the world's most valuable company, so they cashed out while they were
01:22still ahead.
01:23Despite that, NVIDIA's shares are still up by a whopping 150 percent since the year began.
01:29Meanwhile, iron ore fell while gold and oil rose, and the Aussie dollar is buying 66.6
01:36US cents.
01:38And that's finance.