On today's podcast:
1) Nvidia gave a bullish sales outlook for fiscal 2028, with Chief Financial Officer Colette Kress saying the company expects to grow revenue by approximately 70% in fiscal 2028. The company's second-quarter earnings report showed revenue of $96.2 billion, with profit of $2.22 a share, excluding certain items, and its data center division had revenue of $89 billion. Nvidia warned that margins would narrow in the coming months due to a surge in memory costs, but expects the measure to settle down to 72% to 73% in fiscal 2028 as the company increases its own prices.
2) Central bankers gathering in Jackson Hole, Wyoming will emphasize a global rethink on inflation and the prospect of higher borrowing costs in the face of new threats. Faced with upward price pressures from the Iran war, the artificial intelligence investment boom and extreme weather, some central banks have already raised rates, with more expected to follow suit. Investors are increasingly jumpy over how the latest inflationary forces will combine with rising debt levels, and will be keen to hear from Fed Chairman Kevin Warsh, who has so far avoided a firm stance on tackling prices.
3) Federal Reserve Governor Lisa Cook denied unproven mortgage fraud allegations repeated by President Trump. Cook's attorney Abbe Lowell called the allegations "unfounded and untrue" in a letter sent to the White House, stating that Cook has never committed mortgage fraud or any intentional wrongdoing. The White House did not have an immediate comment on Cook's letter, which comes after Trump narrowly lost his initial bid at the Supreme Court to oust Cook.