FT News Briefing HSBC profits nosedive
Feb 22, 2024
Nvidia's net income skyrocketed by nearly 800% due to soaring AI chip demand. In stark contrast, HSBC faced an 80% drop in profits tied to difficulties in the Chinese market. Boeing is making leadership changes over concerns surrounding its 737 Max manufacturing. Meanwhile, Indonesia's new president raises eyebrows with a business-friendly agenda that may threaten the country’s democratic integrity. The episode offers a fascinating glimpse into the highs and lows of today's global economy.
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NVIDIA's AI Boom
- NVIDIA's net income soared by nearly 800% due to increased AI spending.
- Their chips, crucial for large language models, have become highly sought after.
HSBC's China Struggles
- HSBC's 80% profit drop is largely due to a $3 billion impairment on their stake in Bank of Communications.
- This, along with commercial real estate write-downs, signals potential economic concerns in China.
Boeing Leadership Change
- Boeing replaced the 737 MAX program head, Ed Clark, after a door plug incident.
- This incident led to a grounding of the planes and a manufacturing audit.