Market Bizzz

Arm surged more than 30% on Wednesday after the British tech company forecast quarterly sales and profit above Wall Street expectations as customers aim to design new chips for artificial intelligence work, generating higher royalties.

Billionaire hedge fund manager William Ackman is launching a new investment portfolio in the U.S., according to a regulatory filing which suggests the fund will mimic his existing hedge fund but offering lower fees and quicker access to capital.

A 40% surge in Nvidia so far in 2024 has elevated its market capitalization to $1.715 trillion as of mid-day trading on Wednesday, only about 3% below Amazon’s $1.767 trillion value, and less than 6% below Alphabet’s $1.812 trillion value, according to LSEG data.

Shares of New York Community Bancorp lost 22% on Tuesday, extending a sell-off since the lender reported a surprise quarterly loss last week, as Moody’s downgraded its long-term debt ratings to junk status

DBS Group, Singapore’s biggest bank, maintained guidance for net interest income for 2024 at around last year’s levels after posting a 2% rise in fourth quarter net profit, beating expectations.

Asian stocks firmed on Wednesday as investors waited to see if Beijing’s increasingly frantic efforts to prop up its sagging share markets would actually work, while bonds enjoyed a reprieve from recent selling.