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Markets

JPMorgan says SpaceX mega IPO unlikely to drain liquidity from Hong Kong

JPMorgan said a potential mega IPO by Elon Musk\'s space company SpaceX is unlikely to trigger large-scale liquidity outflows from Asian markets including Hong Kong. It cited investors\' continued preference for diversification across regions and sectors, and strong interest in Chinese technology firms. The bank also pointed to a rising pipeline of companies seeking Hong Kong listings and robust first-quarter fund-raising on the exchange\'s main board.

Industry

Nvidia posts $81.6 billion in first-quarter revenue as data centre growth drives results

Nvidia posted first-quarter revenue of $81.62 billion, extending its streak of record quarterly sales to 12. The figure rose 20 percent from the previous quarter and 85 percent from a year earlier, and beat an LSEG-compiled consensus estimate of $78.85 billion. Data centre revenue rose 92 percent to $75.2 billion, accounting for 92 percent of total sales. Adjusted EPS came in at $1.87. The company forecast $91 billion in second-quarter revenue, excluding China data centre sales.

Industry

NXP Semiconductors shares surge 26 percent after Q1 beats estimates

NXP Semiconductors shares surged about 26 percent on April 29, putting the stock on track for its biggest jump since its 2010 listing, after its first-quarter results beat market expectations. The company posted adjusted earnings of $3.05 per share and revenue of $3.18 billion. Investors focused on its potential to benefit from rising data centre infrastructure demand, especially in power and control. Brokerages raised their price targets after the results.