NVDA Slides on Earnings; CATL IPO in HK?; Altman Reinstated

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NVDA Slides on Earnings

Nvidia [NVDA] shares lost altitude on Tuesday following third-quarter (Q3) results, trending down 6.3% before stabilising at a 1% drop after-hours. They may have been lower than some expected, but the numbers still beat analyst expectations: EPS of $4.02 was 19% above estimates, while revenue of $18.1bn was 12% above estimates, and marked a 206% jump over the year-ago quarter.

Hong Kong IPO for CATL?

According to Bloomberg sources, China’s Contemporary Amperex Technology (CATL) [300750:SZ] could be weighing a second listing in Hong Kong, after Chinese regulators hindered the battery maker from issuing global depositary receipts in Switzerland. According to IFR, a Hong Kong share sale could take place in early 2024. CATL is the world’s largest EV battery manufacturer; its share price is down 19% year-to-date.

Sony Lawsuit Could Lead to £6.3bn in Damages

A London court has ruled it will pursue a lawsuit against Sony [SONY], in which a consumer advocate accused the Japanese conglomerate of abusing its dominance in the gaming sector by making digital games and add-ons available exclusively through the PlayStation Store, and thus subjecting developers and publishers to a 30% commission fee. Sony could pay up to £6.3bn in damages to claimants who filed the case last year, reported Reuters.

Moderna Takes Hit on Patent Ruling

The European Patent Office has nullified an mRNA patent owned by Moderna [MRNA], pushing down the shares of the biotech by 2.3% in premarket trading Wednesday. Moderna said it disagreed with the ruling and would appeal the verdict. Rivals BioNTech [BNTX] and Pfizer [PFE], who are partners in a patent dispute over the coronavirus vaccine, were trending flat on the news.

Altman Reinstated

OpenAI will be replacing three of its four board members and re-hiring Sam Altman as CEO, after a days-long dispute which briefly saw him hired by the start-up’s main backer, Microsoft [MSFT]. Former Salesforce [CRM] Co-CEO Bret Taylor, former Treasury Secretary Larry Summers, and Adam D’Angelo, the sole representative of OpenAI’s previous board, will be among the new board members.