Billionaires ditch Nvidia for this AI stock that's soared 2,000% since 2023
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Hedge Fund Giants Make a Surprise AI Pivot
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Nvidia's Growth Continues, But Challenges Loom
Palantir's AI Tools Gain Traction
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Nvidia has been among the largest beneficiaries of the artificial intelligence (AI) boom triggered by the introduction of ChatGPT late in 2022, with stock price soaring 715%, and its earnings per share rising 1,690% in the last 12 months, as per a report. But some of Wall Street's most influential hedge fund managers are turning their sights on a different AI stock that's recorded a 2,000% gain since January 2023 and that company is Palantir Technologies, as per a report by The Motley Fool.According to the report, Citadel Advisors' billionaire Ken Griffin disposed of 1.5 million shares of Nvidia, slashing his stake by half. He was meanwhile building up his position in Palantir by 204%, adding 902,400 shares, as per The Motley Fool report.Even Israel Englander of Millennium Management also cut his stake in Nvidia by 7% and increased his stake in Palantir by 302% as he bought 986,400 shares in the firm, according to the report.These transactions have led to a rising perception among top investors that Palantir might have even more upside in the artificial intelligence domain than Nvidia, as per The Motley Fool report.ALSO READ: Trump blasted for embarrassing typo in tariff letter — misgenders foreign leader Nvidia keeps posting solid performances, with revenue growing 69% from year earlier to $44 billion in the latest quarter, fuelled by record demand for AI chips, according to the report. Non-GAAP net income rose 33% to $0.81 per share, as per the report. CEO Jensen Huang attributed growth to "incredibly strong" demand for AI infrastructure, reported The Motley Fool.But some investors became nervous earlier this year after a Chinese AI firm, DeepSeek, had reportedly trained a sophisticated language model on low-cost and less capable chips than those of Nvidia's top chips, as per the report. This may have been taken by some as a warning sign, but some think it might actually give Nvidia's business a boost by making AI affordable for more companies, according to The Motley Fool.Nvidia is still a clear leader in both generative and physical AI, the latter driving applications such as autonomous vehicles and robotics, as per the report.The Motley Fool reported that Wall Street has projected that Nvidia's earnings will rise at 28% annually over the next three to five years.ALSO READ: Trump's tariff bombshell sends copper prices through the roof, sends markets into frenzy — what's next? Palantir is growing fast as during the first quarter, the company saw revenue grow 39% to $884 million and non-GAAP earnings by 62% to $0.13 per diluted share, as reported by The Motley Fool. Customer acquisition also grew 39% in total clients and 124% in spending from repeat customers, according to the report.The management also increased its full-year guidance and sales are now project to jump 36% in 2025, as per the report.The firm designs analytics software for the commercial and government sectors and its core platforms, Gotham and Foundry, let customers integrate and query complex information with analytical applications and machine learning models, as reported by The Motley Fool.Forrester Research has recognised Palantir as a leader in artificial intelligence and machine learning platforms, awarding its AIP product higher scores than similar tools from Alphabet's Google and Microsoft, according to the report.ALSO READ: VantageScore 4.0 just got a major boost - what it means for your credit and loans Some hedge fund managers believe Palantir may now offer more growth potential in the AI space and are reallocating funds accordingly.Palantir has jumped 2,000% since January 2023, making it one of the best-performing AI stocks.
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Indian Express
11 minutes ago
- Indian Express
Limited results from EU-China summit, India's visa resumption, and the Chinese mega dam
Senior European Union (EU) officials arrived in Beijing for a summit marking 50 years of EU-China diplomatic relations on Thursday (July 24). In the lead-up, it was reported to be a two-day affair, but ended up being curtailed to one day at Beijing's request. It is unclear what prompted the decision. European Commission President Ursula von der Leyen said in her speech that EU-China trade ties were at a 'clear inflection point,' citing their trade imbalance of $358 billion, which is in China's favour. She also raised the issue of recent restrictions on rare earth minerals' exports, in which China is a global leader. In last week's tracker, we mentioned the meeting between External Affairs Minister S Jaishankar and Chinese President Xi Jinping, during the minister's first visit to China in five years. The minister noted the ongoing efforts to normalise bilateral relations after the 2020 standoff along the Line of Actual Control (LAC). This week, India said it will resume issuing tourist visas to Chinese nationals after a five-year pause, beginning Thursday. Finally, China announced that construction had begun at a mega hydropower project on the Yarlung Tsangpo river, which also flows through India as the Siang and the Brahmaputra. Upon completion, this would be the largest project of its kind. India has previously raised concerns about it as the lower riparian country (one located downstream). Here is a closer look at these developments: EU officials met with China's President, Xi Jinping, and Premier Li Qiang. The summit saw stark reminders from Europe on some persistent trade issues, such as cheap Chinese goods in EU markets due to the 'overcapacity' of China's industrial sector. Von der Leyen largely attributed the trade imbalance to 'an increasing number of trade distortions and market access barriers.' She added, 'Unlike other major markets, Europe keeps its market open to Chinese goods… However, this openness is not matched by China.' The EU expressed its expectation for access to China's market in priority areas such as meat, cosmetics and pharmaceuticals. It highlighted the negative impact of China's export controls on rare earths, which are crucial to the functioning of several key industries, and on rare earth magnets used in the automobile industry, urging China to lift restrictions. UPSHOT: A report in the Chinese Communist Party's mouthpiece Global Times described the ties as 'one of the world's most influential bilateral partnerships – an exemplary model of peaceful coexistence and win-win cooperation across different systems and civilizations.' However, this language is not reflective of the current state of the relationship. Expectations were low going into the meeting because the two sides have not made progress in resolving longstanding issues. One reason, according to analysts, is that the need for cooperation is no longer being felt as urgently. While the EU may soon sign a deal on tariffs with the United States, Chinese Vice Premier He Lifeng will be in Sweden from July 27 to 30 for economic and trade talks with the US. Thus, the one factor that was seen as driving their closeness is, for now, being managed. Further, Europe continues to have several grievances with Beijing, including over its support for Russia in the Ukraine war. Von der Leyen said they expected China to use its influence to bring Russia to accept a ceasefire. Even as China is yet to agree on the question of Russia, senior leaders and officials, including Xi Jinping, are increasingly recognising the need to correct industrial overcapacity for a host of reasons. Not antagonising trade partners is one of them. As Von der Leyen said, 'Rebalancing our bilateral relation is no longer optional, it's essential.' Another key shared interest between the two is climate change and green energy investments. While the two sides released a joint statement, noting goals like accelerating the global renewable energy deployment, no major commitments were made. Earlier this week, India announced that Chinese nationals can now apply for visas through application centres in Beijing, Shanghai and Guangzhou. The pause came amid the Covid-19 pandemic and was later extended following the LAC stand-off. As The Indian Express earlier reported, about 2 lakh visas were issued to Chinese nationals in 2019, and about 1.63 lakh in 2018, according to official data. UPSHOT: It comes alongside other recent measures intended to normalise the bilateral relations, including the resumption of the Kailash Mansarovar yatra. In June, the two countries' officials also discussed the resumption of direct flights. While the number of visas issued to China has been low in the past, Chinese nationals' entry into India also matters from an economic perspective. Last year, The Indian Express reported that at least two Union ministries — Electronics and Information Technology and Commerce and Industry — were pushing for easier visa norms for the entry of Chinese technicians. India's domestic industry had raised concerns that export orders were not being fulfilled due to delays in granting visas. One example was how the leather sector, which imported and installed Chinese machinery, was finding it difficult to operationalise plants without the requisite personnel. On its part, China announced the resumption of all types of visas for Indian travellers in March 2023. However, one industry body chair in India previously said that visas have long been a problematic issue between the countries, and that 'the Chinese tend to approve visas applied by Indian importers but delay or block visa requests by government officials and exporters.' Work has begun on what Chinese Premier Li Qiang recently called the 'project of the century'. Discussed for years in China, the dam in Medog County will have a capacity of generating 60,000 MW. This would be thrice the current largest hydro power project in the world, the Three Gorges Dam, which is also located in China. In the past, Arunachal Pradesh Chief Minister Pema Khandu has described it as a ticking time bomb for India, saying, 'The issue is that China cannot be trusted. No one knows what they might do.' The Indian External Affairs Ministry said it conveyed its concerns to China last year, but on Wednesday, a Chinese official spokesperson said it will not have 'any negative impact on the downstream regions', presumably referring to India and Bangladesh. UPSHOT: The project is undoubtedly significant, just in terms of its sheer size. For China, it is an opportunity to ensure energy security and push forward with its green energy goals. However, as experts have previously told The Indian Express, even in the absence of any ill intentions from China, there are good reasons to be concerned. The size of the reservoir and the fact that the Himalayas are young mountains prone to landslides and other geological activities heighten the risks of a major ecological disaster. What complicates the matter is the limited avenues for bilateral cooperation on such issues. While the sharing of river data was also one of the intended goals under the normalisation process, no major breakthrough on that front has been announced so far. Additionally, India has proposed an 11.2 GW Upper Siang Multipurpose Project in Arunachal Pradesh to guard against future changes in the river's water flow. However, it has faced some opposition on the ground and has seen slow progress. Rishika Singh is a Senior sub-editor at the Explained Desk of The Indian Express. She enjoys writing on issues related to international relations, and in particular, likes to follow analyses of news from China. Additionally, she writes on developments related to politics and culture in India. ... Read More
Time of India
23 minutes ago
- Time of India
Trump tariffs leave costly China supply question unanswered
President Donald Trump 's recent flurry of trade deals have given Asian exporters some clarity on tariffs, but missing are key details on how to avoid punitive rates that target China's supply chains. Trump unveiled tariffs of 20% for Vietnam and 19% for Indonesia and the Philippines, signaling those are the levels the US will likely settle on for most of Southeast Asia, a region that ships $352 billion worth of goods annually to the US. Explore courses from Top Institutes in Please select course: Select a Course Category Finance Healthcare Product Management Technology others healthcare Management MCA Operations Management Degree Design Thinking Others CXO Data Science Cybersecurity Artificial Intelligence Data Analytics Digital Marketing Leadership MBA Public Policy Data Science Project Management PGDM Skills you'll gain: Duration: 9 Months IIM Calcutta SEPO - IIMC CFO India Starts on undefined Get Details Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Fintech & Blockchain India Starts on undefined Get Details He's also threatened to rocket rates up to 40% for products deemed to be transshipped, or re-routed, through those countries — a move largely directed at curbing Chinese goods circumventing higher US tariffs. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Sleep Apnea Ruined My Life – Then I Found This Simple Trick Health Insight Undo But still unclear to manufacturers is how the US will calculate and apply local-content requirements, key to how it will determine what constitutes transshipped goods. Southeast Asian nations are highly reliant on Chinese components and raw materials, and US firms that source from the region would bear the extra tariff damage. That's left companies, investors and economists facing several unanswered questions about Trump's tariffs that appear aimed at squeezing out Chinese content, according to Deborah Elms, head of trade policy at the Hinrich Foundation in Singapore. Live Events 'Is that raw materials? All raw materials? Above a certain percentage?' she said. 'How about parts? What about labor or services? What about investment?' In an agreement with Indonesia last week, the White House said the two countries would negotiate 'rules of origin' to ensure a third country wouldn't benefit. The deal with Vietnam earlier this month outlined a higher 40% tariff rate for transshipped goods. And Thai officials, who have yet to secure a deal, detailed that they likely need to boost local content in exports to the US. Missing Details The Trump administration isn't providing much clarity on the matter right now. US officials are still working out details with trading partners and looking at value-based local content requirements, to ensure exports are more than just assembled imported parts, according to a person familiar with the matter, who didn't want to be identified discussing private talks. A senior Trump administration official also said this week that details on the approach to transshipment are expected to be released before Aug. 1, the deadline for when higher US tariffs kick in. Some factories are already adjusting their supply chains to comply with rules that will require more locally-made components in production. Frank Deng, an executive at a Shanghai-based furniture exporter with operations in Vietnam — and which gets about 80% of business from the US — said in an interview his firm is making adjustments as authorities appear to be more strictly enforcing country-of-origin rules. Vietnam has always had specific local content requirements for manufacturers, Deng added, including that a maximum of 30% of the volume of raw materials originates from China, and the value after production in Vietnam must be 40% higher than the imported raw materials. 'We've been struggling to meet all the standards so that we can still stay in the game,' Deng said. 'But I guess that's the only way to survive now.' For most of Southeast Asia, reducing the amount of Chinese-made components in manufacturing will require a complete overhaul of their supply chains. Estimates from Eurasia Group show that Chinese components make up about 60% to 70% of exports from Southeast Asia — primarily industrial inputs that go into manufacturing assembly. About 15% of the region's exports now head to the US, up about four percentage points from 2018. Local Content The US has become increasingly vigilant about China's ability to bypass US trade tariffs and other restrictions through third countries since Trump's first trade war in 2017. Thailand signaled its frustration over the lack of clarity for how much local content is needed in goods exported to the US to avert transshipment rates, but noted it will likely be much higher than a traditional measure of 40%. 'From what we've heard, the required percentage could be significantly higher, perhaps 60%, 70%, or even 80%,' Deputy Prime Minister Pichai Chunhavajira said July 14. 'Emerging countries or new production bases are clearly at a disadvantage,' he said, as their manufacturing capabilities are still at an early stage and must rely on other countries for raw goods. Vietnam, Thailand and Malaysia have all taken steps this year to address Trump's concerns, increasing scrutiny of trade that passes through their ports including new rule-of-origin policies that centralize processing and imposing harsh penalties on transshippers. Developing nations may still struggle to enforce Trump's rules or comply with the rules if it means going up against China, their largest trading partner and geopolitical partner. 'The reality is it's not enforceable at all,' said Dan Wang, China director at Eurasia Group. 'Chinese companies have all kinds of ways to get around it and those other countries have no incentive to enforce those measures, or capacity to collect the data and determine local content.'
Hindustan Times
31 minutes ago
- Hindustan Times
Tech Tonic: God complex is why AI chiefs can't see the humans they'll displace
'Every job will be affected. Some jobs will be lost, some jobs will be created. But every job will be affected. And immediately, it is unquestionable, you're not going to lose your job to an AI, but you're going to lose your job to somebody who uses AI,' Nvidia CEO Jensen Huang said at the recent Milken Institute Global Conference. I respect Huang, as many of us do too, but with this one comment, he's joined the long line of ivory tower millionaires and billionaires who are trying to play God. Much like the rest of the Silicon Valley folks who love to be seen giving a quote, when pressed about what these new jobs (the ones we'll likely have to 'change to') might be, he didn't have a clue. I'm being brusque. He doesn't have a clue, and I've heard that before. Many times. We're potentially hurtling toward a humanitarian catastrophe, and the levels of hallucination are astounding. Think about it—would you be reading this warning (and about this insincere lip service) if artificial intelligence (AI) had replaced this human? If I were to have AI write this for your reading pleasure, I'd expect to be summoned by my editor-in-chief and my executive editor, get roundly ticked off—and rightly so. Human perception, irrespective of the millions of dollars being thrown toward it, is not something artificial intelligence, artificial general intelligence, or superintelligence—irrespective of what you call it—will be able to replicate. I've said this before, and I'll say it again for every million the tech billionaires spend toward that perceived mission. Also Read: Tech Tonic: Microsoft's unlikeability crisis is something their AI cannot solve Not everyone's in the same boat of delusion, and that is why there's newfound respect for Anthropic CEO Dario Amodei. At the company's first developer conference earlier this summer, he made two things very clear — AI usage could spike unemployment among entry-level jobs to as high as 20% in the next five years, and that AI companies as well as governments must stop 'sugar-coating' things. His hope, when he said this, was to jolt fellow AI companies and the government into preparing for and protecting the humans who work jobs for a living. Mind you, Huang's comments came as he bristled at the exact warning Amodei expressed. Axios reported that Huang told them, 'I don't know why AI companies are trying to scare us. We should advance the technology safely just as we advance cars safely. ... But scaring people goes too far.' Fine, Amodei shouldn't scare people—we can sort of agree, for a moment, for the sake of it. What would you suggest? That is exactly where leaders such as Huang come up short. Very, very short. Ambiguous lines such as 'new jobs will be created' don't say anything, despite words being cobbled together into a semblance of a sentence. I was once told by a tech executive that we must think of the coming of AI as the evolution of the car all those years ago, when everyone said the job of a horse carriage pilot would be eliminated. Wrong. Cars needed drivers to work. AI, with all its claimed super-intelligence, will go about in isolation. Even if it is wrong (which it will be most of the time), it'll be wrong with some level of confidence. Very Gen Z vibes, if I may take the liberty to infuriate another demographic. Any and all comparison with perceived historical technological disruption is surely intellectually dishonest, at best. Take the Industrial Revolution, for example, which unfolded over decades, allowing generations of humans to adapt. Previous waves of automation primarily affected manual labor, alongside creating new opportunities for cognitive work. AI's very approach is different, since it targets precisely those knowledge-based jobs that were supposed to be resistant to machines taking over—from radiology to legal research, financial analysis, writing code, managing a company's tech infrastructure, or creating art. Also Read: NVIDIA CEO Jensen Huang told not to meet companies linked to Chinese military: Report The Nvidia CEO's confidence stems from the fact that he's perched atop the AI revolution's most profitable enterprise — valued at around $4 trillion. 'AI agents are the new digital workforce,' he declared at CES 2025, seemingly oblivious to the irony of celebrating the replacement of human workers while preaching job creation. For Huang and his fellow tech titans, AI represents a multi-trillion-dollar opportunity. For millions of workers and job roles, it represents an existential threat to their livelihoods. Perhaps most galling is the tech industry's willful blindness to the speed of AI displacement versus job creation. LinkedIn's 2025 Work Change Report—make of it what you will—suggests that 70% of the skills used in most jobs could change by 2030. This isn't gradual evolution, but economic whiplash that transcends humans in numbers unimaginable. While Huang speaks airily of workers adapting and learning new skills, he ignores a very simple yet harsh reality: retraining takes months or years, but job losses usually happen overnight. An inward look at the happenings in Silicon Valley—if they bother to—will illustrate that. OpenAI's CEO Sam Altman says the human workforce should take AI as 'friends.' Shopify CEO Tobias Lütke blessed the world with a long post on X in April to say, 'Before asking for more headcount and resources, teams must demonstrate why they cannot get what they want done using AI.' When Micha Kaufman, CEO of Fiverr, an online marketplace, says 'AI is coming for your jobs. Heck, it's coming for my job too. This is a wake-up call,' she forgets that her financial reality and the financial reality of millions of families isn't at all the same. Also Read: Is your job safe? OpenAI CEO Sam Altman warns that AI could replace specific jobs Tech companies and their leaders see business and money. They don't see humans. Unfortunately, we seem to have handed over the reins of any conversation about our futures to the same people. The future will be littered with economic and humanitarian catastrophes, whether AI succeeds or fails. If you think Silicon Valley cares—beyond their series of reassuring bromides—you're very wrong. As they say, Father Time makes no round trips. Vishal Mathur is the Technology Editor at HT. Tech Tonic is a weekly column that looks at the impact of personal technology on the way we live, and vice versa. The views expressed are personal.
