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Nvidia Shares Rise on News of AI Factory for Elon Musk

A smartphone with a displayed NVIDIA logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
A smartphone with a displayed NVIDIA logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
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Nvidia Shares Rise on News of AI Factory for Elon Musk

A smartphone with a displayed NVIDIA logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
A smartphone with a displayed NVIDIA logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

Nvidia shares gained 3% before the bell on Thursday, set to extend the semiconductor bellwether’s lead as the world’s most valuable company, after partners Dell and Super Micro Computer received server orders for Elon Musk’s AI startup.
Nvidia, whose market capitalization surpassed that of Microsoft on Tuesday, was set to add more than $92 billion to its market value of $3.34 trillion at $139.35, compared with Microsoft’s $3.32 trillion, according to Reuters.
Dell Technologies and Super Micro Computer gained 3.8% and 4.8%, respectively.
The companies make servers equipped with Nvidia chips, enabling them to capitalize on the surging demand for processors that power virtually all AI applications.
Musk said on his X social media platform on Wednesday that Dell and Super Micro are supplying server racks for xAI’s supercomputer, which will be used to expand the capabilities of its AI tool, Grok.
He said earlier this year that training the Grok 2 model took about 20,000 Nvidia H100 graphic processing units and that the Grok 3 model and beyond would require 100,000 Nvidia H100 chips.
“While Microsoft both spends and makes money in AI, Nvidia only makes money and lots of money and profits in AI. That’s why you cannot spell Nvidia without AI,” said Jake Dollarhide, chief executive officer, Longbow Asset Management.
Nvidia’s stock price has nearly tripled so far this year, powering the gains in the broader market. Super Micro shares have more than tripled in value during the same period, while Dell’s stock is up nearly 95%.
The Philadelphia SE Semiconductor Index has risen nearly 34% since the most recent low in April and closed at a lifetime high on Tuesday.

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Business

Canada and India Strike Agreements on Rare Earth, Uranium

India's Prime Minister Narendra Modi (R) met with Canada's Prime Minister Mark Carney in New Delhi. Sajjad HUSSAIN / AFP
India's Prime Minister Narendra Modi (R) met with Canada's Prime Minister Mark Carney in New Delhi. Sajjad HUSSAIN / AFP
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Canada and India Strike Agreements on Rare Earth, Uranium

India's Prime Minister Narendra Modi (R) met with Canada's Prime Minister Mark Carney in New Delhi. Sajjad HUSSAIN / AFP
India's Prime Minister Narendra Modi (R) met with Canada's Prime Minister Mark Carney in New Delhi. Sajjad HUSSAIN / AFP

India and Canada on Monday reached a string of agreements, including on critical mineral cooperation and a "landmark" uranium supply deal for nuclear power, the countries' leaders said in New Delhi.

The pacts, which also covered technology and promoting the use of renewable energy, were announced after Prime Minister Narendra Modi and his Canadian counterpart Mark Carney hailed a fresh start in the relationship between their nations, said AFP.

"Our ties have seen a new energy, mutual trust, and positivity," Modi said.

Ties effectively collapsed in 2023 after Ottawa accused New Delhi of orchestrating a deadly campaign against Sikh activists in Canada, accusations India rejected.

Carney's visit -- his first to India since taking office last year -- is not only aimed to reset strained ties, but also to push efforts to diversify trade beyond the United States.

"There has been more engagement between the Canadian and Indian governments in the last year than there has been in more than two decades combined," Carney said in New Delhi, in a speech alongside Modi.

"This is not merely the renewal of a relationship. It is the expansion of a valued partnership with new ambition, focus, and foresight, a partnership between two confident countries charting our own course for the future."

- 'New opportunities' -

Energy-hungry India -- the world's most populous country with 1.4 billion people -- has ambitious plans to expand nuclear power capacity from its current eight to 100 gigawatts by 2047.

"In civil nuclear energy, we have struck a landmark deal for long-term uranium supply," Modi said, adding the countries would also work together on small modular reactors and advanced reactors.

Carney said they had agreed the launch of a "strategic energy partnership with significant potential" including CAN$2.6 billion ($1.9 billion) uranium supply agreement "supporting India's nuclear ambitions".

Carney added that Canada was "well positioned to contribute, as a reliable supplier" of liquefied natural gas (LNG), from its west coast.

"As India seeks access to critical minerals for its manufacturing, its clean-tech, and its nuclear plants, Canada's resource base and world-leading companies position it as a strategic partner," he said.

The two countries agreed last year to resume negotiations on a proposed free-trade deal, the Comprehensive Economic Partnership Agreement.

"Our target is to reach $50 billion in bilateral trade," Modi said. "This is why we have decided to finalize a comprehensive economic partnership soon," he added, saying it "will open new opportunities to invest and create jobs in both countries".

- Defense deal -

Carney said he wanted to reach a deal on the "ambitious agreement" by the end of the year to "reduce barriers and increase certainty", also said the nations were renewing security cooperation through a "new defense partnership".

Canadian pension and wealth funds have already invested $73 billion in India.

Before Carney took office last year, Ottawa accused Modi's government of direct involvement in the 2023 killing of Hardeep Singh Nijjar, a naturalized Canadian citizen who was part of a fringe group that advocated for an independent Sikh state called Khalistan.

Khalistan militants have been blamed for the assassination of an Indian prime minister and the bombing of a passenger jet.

India has repeatedly dismissed the Canadian allegations, which sent relations into freefall, with both nations expelling a string of top diplomats in 2024.

Ties improved after Carney took office in March 2025, and envoys have since been restored.

After India, Carney will travel to Australia and Japan -- part of a wider push to broaden Canada's economic partnerships.

Carney has made reducing Canada's heavy reliance on the US economy a centerpiece of his foreign economic policy.

In 2024, before US President Donald Trump returned to office and upended global trade with a flurry of tariffs, more than 75 percent of Canadian exports went to the United States. Two-way trade that year exceeded $900 billion.

So far Trump has broadly adhered to the North American free-trade agreement he signed during his first term, and about 85 percent of US-Canada trade remains tariff-free.

But at the same time, Trump has also imposed painful industry-specific tariffs, and there are fears that if he scraps the broader trade deal, the Canadian economy will be hit hard.

Business

Türkiye 2025 GDP Growth 3.6%, Just Below Forecast

A woman holding an umbrella on a rainy day during the holy fasting month of Ramadan outside the Hagia Sophia mosque in Istanbul, Türkiye, Friday, Feb. 27, 2026. (AP Photo/Khalil Hamra)
A woman holding an umbrella on a rainy day during the holy fasting month of Ramadan outside the Hagia Sophia mosque in Istanbul, Türkiye, Friday, Feb. 27, 2026. (AP Photo/Khalil Hamra)
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Türkiye 2025 GDP Growth 3.6%, Just Below Forecast

A woman holding an umbrella on a rainy day during the holy fasting month of Ramadan outside the Hagia Sophia mosque in Istanbul, Türkiye, Friday, Feb. 27, 2026. (AP Photo/Khalil Hamra)
A woman holding an umbrella on a rainy day during the holy fasting month of Ramadan outside the Hagia Sophia mosque in Istanbul, Türkiye, Friday, Feb. 27, 2026. (AP Photo/Khalil Hamra)

Türkiye's economy grew 3.4% year-on-year in the fourth quarter of last year, with full-year growth also just below forecast at 3.6%, official data showed on Monday.

Fourth-quarter gross ⁠domestic product (GDP) rose ⁠0.4% from the previous quarter on a seasonally and calendar-adjusted basis, Turkish Statistical Institute ⁠data showed.

Growth in the third quarter was revised to 3.8% from 3.7%, and second-quarter growth was revised to 4.7% from 4.9%, the data also showed.

In a ⁠Reuters ⁠poll, the economy was expected to have grown 3.5% in the fourth quarter and by 3.7% in 2025 overall.

Business

Iran Conflict Disrupts Fuel Assessements from Reporting Agency Platts

A map showing the Strait of Hormuz and Iran is seen behind a 3D printed oil pipeline (Reuters)
A map showing the Strait of Hormuz and Iran is seen behind a 3D printed oil pipeline (Reuters)
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Iran Conflict Disrupts Fuel Assessements from Reporting Agency Platts

A map showing the Strait of Hormuz and Iran is seen behind a 3D printed oil pipeline (Reuters)
A map showing the Strait of Hormuz and Iran is seen behind a 3D printed oil pipeline (Reuters)

Oil price reporting agency S&P Global Platts is suspending bids and offers for price assessments of Middle East refined products that transit the Strait of Hormuz because of shipping disruptions from the US-Iran conflict, the company said in a note to subscribers sent out on Monday and reviewed by Reuters.

S&P Global Platts, one of the larger providers of price and transaction information on the oil and fuel markets for the industry, is also reviewing its Middle East ‌crude pricing mechanism, the ‌company said.

From March 2 until further ‌notice, ⁠Platts has suspended ⁠the publication of bids and offers in the Middle East refined products Market on Close assessment process where they reflect loading at ports within the Arabian Gulf that require transit through the Strait of Hormuz, the company said in the note to subscribers.

Platts declined to comment on the suspension of the ⁠bids and offers for some of its Middle ‌Eastern oil product assessments.

The ‌Strait of Hormuz is a narrow waterway between Iran and Oman that ‌connects the Gulf to the Arabian Sea. On ‌a typical day, ships carrying oil equal to about one-fifth of global demand from Saudi Arabia, the UAE, Iraq, Iran, and Kuwait sail through the waterway along with tankers hauling diesel and jet fuel ‌and gasoline and other products from their refineries.

Platts also said in a note sent ⁠to subscribers ⁠that it is reviewing the deliverability of Middle East crude from ports within the Gulf and will announce its decision at 2 p.m. (0600 GMT).

"This review has been initiated because market participants have notified Platts that major shipping companies have halted transit through the Strait of Hormuz amid heightened safety concerns after Israel and the US launched air strikes on Iran," Platts said.

Platts' daily Dubai crude oil price assessment is a physical benchmark used by traders and oil companies to set the prices of millions of barrels of transactions of Middle Eastern crude and their derivatives.