Intel unveils new AI chip, setting up race with Nvidia

Intel is making a move to challenge NVIDIA's dominance in the AI chip market with the introduction of its new Gaudi 3 Accelerator for enterprise generative AI. Intel claims that Gaudi 3 delivers better performance and efficiency at a lower cost compared to NVIDIA's H100. Additionally, Costco's entry into the precious metals business, specifically gold sales, could potentially bring significant sales growth for the company. The momentum around Costco's gold offerings, driven by frequent online sales and high demand, suggests a promising future for this business venture. Furthermore, the rising price of gold and expectations of Federal Reserve rate cuts have analysts raising their year-end gold price forecasts.

Phillips has reached a final agreement with the US justice Department and the Food and Drug Administration on a consent decree related to its Respironics ventilators. Under the consent decree, Philips Respironics will continue to prioritize completing the remediation of the sleep and respiratory care devices under its voluntary 2021 recall. The company will not resume selling new respiratory care devices in the US until the consent decree's requirements are met. Phillips' financial outlook for mid single digit comparable sales growth and low teens adjusted EBITDA margin, as well as its forecast of €1,400,000,000 to €1,600,000,000 in free cash flow, remains the same. Other notable events include JPMorgan's top European picks, Fitch cutting China's credit outlook to negative, Morgan Stanley raising the Q3 crude oil price outlook, Dolby Laboratories providing a demo at CinemaCon 2024, DocuSign holding its momentum 24 event, and KKR holding an investor day event. Wall Street's major averages had a mixed day on Tuesday, with the Nasdaq closing higher, while the S&P 500 and Dow fell marginally. Financials were the worst performing sector ahead of quarterly numbers by heavyweight names. Futures, crude oil, and Bitcoin prices are moving positively, while the FTSE 100 and DAX are up in the European markets.

PriceSmart (PSMT) saw a significant premarket rise of 4.5% following the release of positive fiscal Q2 results and an announcement of a special dividend for shareholders. Economic indicators for the day include the expected rise of the consumer price index (CPI) by 0.3% on a monthly basis, pushing the annual rate up to 3.4% from 3.2%. Federal Reserve officials Michelle Bowman and Austin Goolsbee are scheduled to participate in discussions on Basel Capital requirements and before the Social Finance Institute, respectively. The FOMC minutes for the March meeting will be released at 2 PM. This economic news and PriceSmart's earnings update set the stage for an eventful day in the markets. To stay informed on significant stocks and ETFs, consider becoming a Seeking Alpha premium subscriber. Have a productive day!