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Business | Feb 24th 2024 Edition

Nvidia’s fourth-quarter earnings exceeded expectations. Revenue at the maker of chips for artificial intelligence hit $22.1bn, up by 265% from a year earlier, and it made a net profit of $12.3bn, a rise of 769%. It predicted even stronger sales this quarter, even though it is struggling to keep up with demand. Nvidia’s market valuation has soared past $1.7trn, spurring much of the recent rally in the S&P 500.

Japan’s Nikkei 225 stockmarket index hit a new high, surpassing the previous record set 34 years ago. The Nikkei is up by 18% since the start of this year, as foreign investors flock to Japanese stocks made cheaper by the weak yen.

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