>>> Europe : Brokers Upgrades & Downgrades - 24th of March 2026 V3(++)

>>> Up
* AB Foods PT Raised to 2,250 pence at Kepler Cheuvreux (+)
* BASF Raised to Buy at Deutsche Bank; PT 55 euros
* Bechtle Raised to Buy at Berenberg; PT 34 euros
* Brenntag Raised to Buy at Deutsche Bank; PT 57 euros
* Coloplast Raised to Buy at UBS; PT 530 kroner
* L'Oreal Raised to Buy at CIC; PT 400 euros (+)
* Ottobock SE Raised to Buy at UBS; PT 74 euros
* Poste Italiane Raised to Accumulate at Banca Akros (++)
* RAI Way Raised to Buy at Banca Akros (ESN); PT 7.10 euros (++)
* Richemont Raised to Buy at BofA (+)
* Salzgitter Raised to Equal-Weight at Morgan Stanley
* Telecom Italia Raised to Accumulate at Banca Akros (++)
* Thyssenkrupp Raised to Equal-Weight at Morgan Stanley
* Umicore Raised to Buy at Deutsche Bank; PT 17.20 euros
* Wacker Chemie Raised to Hold at Deutsche Bank; PT 68 euros

>>> Down
* Akzo Nobel Cut to Hold at Deutsche Bank; PT 55 euros
* DiaSorin Cut to Neutral at Invest Securities SA; PT 65 euros (++)
* Givaudan Cut to Hold at Deutsche Bank; PT 3,000 Swiss francs
* Nordea Bank Cut to Underperform at BofA (+)
* SAP Cut to Neutral at JPMorgan; PT 175 euros
* Teleperformance Cut to Equal-Weight at Morgan Stanley

>>> Initiation
* Brinova Fastigheter Rated New Buy at SB1 Markets; PT 15 kronor
* Corem Property Rated New Neutral at SB1 Markets; PT 3.70 kronor
* Europris Reinstated Hold at Nordea
* Fastighets AB Trianon Rated New Neutral at SB1 Markets
* FastPartner Rated New Buy at SB1 Markets; PT 50 kronor
* Hongkong Land Reinstated Outperform at Macquarie; PT $11
* Intea Fastigheter Rated New Buy at SB1 Markets; PT 85 kronor
* Kid ASA Rated New Buy at Nordea; PT 146 kroner
* Klarabo Sverige Rated New Buy at SB1 Markets; PT 17 kronor
* Logistri Fastighets Rated New Buy at SB1 Markets; PT 18 kronor
* Mondi Reinstated Neutral at Goldman; PT 910 pence
* MTG Rated New Buy at SB1 Markets; PT 132 kronor
* Orkla Reinstated Buy at Danske Bank Markets; PT 160 kroner (++)
* Roche Rated New Buy at LBBW; PT 360 Swiss francs
* Sats Rated New Buy at Nordea; PT 49 kroner
* SCA Reinstated Neutral at Goldman; PT 120 kronor
* SIG Group Reinstated Buy at Goldman; PT 16 Swiss francs
* Sirius Real Estate Rated New Outperform at Oddo BHF
* Smurfit Westrock PLC Reinstated Buy at Goldman; PT $49
* Stora Enso Reinstated Sell at Goldman; PT 8 euros
* Studentbostader i Norden Rated New Neutral at SB1 Markets
* Sveafastigheter Rated New Neutral at SB1 Markets; PT 38 kronor
* UPM-Kymmene Reinstated Neutral at Goldman; PT 27 euros

>>> Call
* Bechtle Raised at Berenberg on Memory Chip Shortage Opportunity
* Ottobock, Coloplast Rise as UBS Upgrades the Medical-Tech Stocks (++)
* Pandora Estimates Boosted at Danske on Lower Silver Price
* Protector Forsikring Falls as DNB Carnegie Expects Soft 1Q (++)
* Ralph Lauren Shares Gain as Citi Upgrades on Brand Momentum (++)
* Salzgitter, Thyssenkrupp Raised, MS Constructive on Carbon Steel
* Sirius Real Estate Outperform at Oddo on Defense-Linked Upside
* Teleperformance Cut at Morgan Stanley on Strategic Uncertainty
* YouGov Ebit Miss to Drive High-Teens Revisions, JPMorgan Says (+)

>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • NTGR +14.7%, SFD +7.3%, ATAI +6.2%, GILD +3.2%, AAOI +3.1%, TRMD +2.2%, AGBK +2.2%, MRP +2%, ESI +2%, ABVX +2%, PERF +1.8%, RUSHA +1.4%, VRT +1.1%
  • Gapping down:
    • BATL -6.1%, HSAI -5.6%, CDLR -2.5%, CLB -2.2%, SRZN -2%, APO -1.6%, STRO -1.6%, APGE -1.5%, OIS -0.9%, GLPG -0.9%, WT -0.8%, IAUX -0.8%

WSJ : Super Micro’s Fate Lies in Nvidia’s Hands

Super Micro’s Fate Lies in Nvidia’s Hands
The troubled AI server maker needs chip allocations, but Nvidia doesn’t need more scrutiny over China

If Super Micro Computer SMCI 5.11%increase; green up pointing triangle survives its latest scandal, it can thank the law of supply and demand—and Nvidia NVDA 1.70%increase; green up pointing triangle.

Super Micro got hit hard last week after one of its board members was arrested by federal authorities under charges of helping to smuggle Nvidia chips to China. Yih-Shyan “Wally” Liaw is also a co-founder of the company, which specializes in the sort of servers needed to run artificial-intelligence workloads.

Another employee and a contractor were also indicted as part of the scheme, though Super Micro itself wasn’t named as a defendant. Super Micro’s shares lost one-third of their value on Friday after the news.

Ultimately, Super Micro’s fate will rest solely on whether it can continue getting allocations of GPU chips from Nvidia. With them, there is enough demand for its business to continue, scandal or no. Losing that access would have a “devastating impact” on the company’s business, Bernstein Research analysts wrote in a report.

In a statement, Nvidia says strict compliance with export controls is a “top priority,” but it didn’t address whether it would continue supplying chips to Super Micro.

Super Micro’s stock clawed back some ground Monday as the market bounced on the latest Iran war development. But the shares remain down 26% for the year.

That’s a notably poor performance for a company selling the sort of “picks and shovels” that are still in red-hot demand three years into the AI spending boom.


Super Micro has been no exception. The company’s revenue more than doubled to $12.7 billion in the December quarter, and it sees the pace continuing, with revenue for the June-ending fiscal year expected to hit $40 billion.

That is nearly double the previous year and almost 10 times what Super Micro averaged on an annual basis before AI demand started boosting its sales in 2023.

Super Micro’s ability to deliver such growth is a testament to how scandal-proof the current AI market has proven to be. The company came under scrutiny in 2024 when short seller Hindenburg Research published a scathing report about the company’s accounting practices. That eventually led to Super Micro’s independent auditor bailing and a probe by the Justice Department.

Liaw’s position was actually one of the sore points from the Hindenburg report. He had previously resigned from the company in 2018, after an investigation by its audit committee led to a restatement of Super Micro’s financial results. He was hired back in 2022 and named to the board a year later.

That round trip looks particularly bad now, given the latest developments. “Despite Super Micro not being named as a defendant, this raises serious credibility issues that could impact business,” Bernstein analysts wrote in their report last week.

Mehdi Hosseini of Susquehanna says last week’s indictment “only underscores the urgency” of replacing Super Micro Chairman and Chief Executive Charles Liang with someone from the outside, in addition to refreshing the entire board with fully independent directors. The 33-year-old company still often burns cash on a quarterly basis due to a high-cost business model of trying to quickly customize AI servers for large customers.

That has also resulted in a weak bottom line; Super Micro’s gross profit margins hit a record low of 6.3% in the latest quarter, despite booming sales in the period. Hosseini noted in a report that Super Micro’s executive compensation “has long been tied disproportionately to top-line growth, despite weakening underlying financial quality.”

As it weighs further chip allotments to Super Micro, Nvidia holds all the cards. It could likely make up any lost sales from Super Micro quickly—especially given the launch of its new Vera Rubin lineup later this year.

Nvidia also has to maintain its delicate position of pushing for access to the Chinese market without running afoul of the Trump administration’s aim of keeping the most advanced AI technology out of China’s hands.

The alleged ability of Liaw and his crew to siphon off Nvidia’s top-of-the-line B200 chips doesn’t help that case. Even the likelihood of selling $40 billion worth of servers might not keep Super Micro from being deemed more trouble than it’s worth.

The Information : SpaceX Fans Find a Proxy—in EchoStar

SpaceX Fans Find a Proxy—in EchoStar

SpaceX’s upcoming IPO may be one of the most anticipated public debuts of the year. But some investors have already figured out a way to get exposure to SpaceX—via EchoStar!

The satellite telecommunications company last fall struck a series of deals to sell wireless spectrum rights to SpaceX in exchange for $8.5 billion in cash and $11.1 billion in SpaceX stock. Once the deal closes next year, EchoStar will own a significant chunk of SpaceX, while SpaceX will use the spectrum for its next generation of Starlink direct-to-cell mobile service. The SpaceX stake will be one of EchoStar’s most important assets (EchoStar also owns Boost Mobile and Dish Network, neither of which has set the world on fire).

Shares of EchoStar have skyrocketed more than 300% since last August, when the company began selling off its spectrum (starting with a deal with AT&T). While the rally may reflect relief that EchoStar would survive—it had looked to be on the verge of bankruptcy before it did the deals with SpaceX and AT&T—some of the enthusiasm almost certainly reflects its newfound exposure to Elon Musk’s company.

In fact, EchoStar is so popular that it was added to the S&P 500 index on Monday morning.

The Information : Google’s Gemini Steals a March on OpenAI

Google’s Gemini Steals a March on OpenAI

When invading a hostile territory or testing a new AI service, it’s best to move quietly and steal a march on your opponents. Google appears to have learned that lesson. It’s now possible, if you’ve got its latest Pixel or Samsung phones, to ask the Gemini app to order an Uber or a meal on DoorDash. I tried it today and it worked flawlessly, if slowly. (I ordered paper towels via DoorDash, and once Gemini had arranged the transaction, it sent me to DoorDash to click the order button).

OpenAI’s ChatGPT can’t yet offer quite the same thing. Score one for Google. This feature—what it calls task automations—is an example of an AI agent actually fulfilling its promise. Notably, Google hasn’t made a big splash about this so far, other than this low-key announcement last month.

The feature has only started showing up in the Gemini app in Pixel and Samsung phones in the past week or so, following a software update. The range of tasks it can accomplish is limited: mostly ordering food, groceries or a ride somewhere. It certainly takes longer than using the external apps: When I ordered an Uber in Gemini, that took longer than doing so directly in the Uber app. As The Verge said in this Saturday piece, the feature is “slow, clunky and super impressive.”

Whether consumers want AI agents to handle transactions they can easily do in existing apps remains a big question. Still, things will evolve. And by taking it slowly and quietly, Google can iron out the wrinkles without attracting undue attention. This approach is in contrast to that of OpenAI, which likes to make lots of grand announcements about new features, some of which it later abandons (such as the Instant Checkout shopping feature). As we reported today, these strategic U-turns affected its partners on shopping.

As a much older company, Google has had its share of highly publicized embarrassments, to be sure, including Google Glasses, Google+ and Google Stadia. Perhaps it has learned to keep quiet about new ventures until they’re actually working. Whatever the case, OpenAI could learn a thing or two from watching how Google handles things.

>>> La Lettre — 24 mars 2026 - FR & EN

La Lettre — 24 mars 2026

🇫🇷 Résumé en français
Casino : l’AMF relance son enquête sur les manipulations de cours
Alors que Casino traverse un deuxième round d’écrasement de dette, l’Autorité des marchés financiers (AMF) poursuit discrètement son enquête sur les pratiques supposées de manipulation de marché de l’ex-PDG Jean-Charles Naouri. Entre novembre 2025 et février 2026, les gendarmes boursiers ont effectué une nouvelle série de perquisitions au sein de plusieurs agences de communication ayant travaillé pour le distributeur stéphanois avant son rachat par Daniel Kretinsky en 2024.
Dans l’affaire Miguet, Naouri avait été condamné le 29 janvier pour corruption privée, délits d’initié et diffusion d’informations trompeuses, écopant de quatre ans d’emprisonnement dont un ferme, un million d’euros d’amende et cinq ans d’interdiction de gestion. Le délit de manipulation de cours n’avait cependant pas été retenu, ce qui a conduit l’AMF à réactiver ses recherches sur ce chef d’accusation.
Les nouvelles investigations portent notamment sur le “projet Phoenix” — nom de code désignant les initiatives prises pour soutenir le cours de l’action Casino — et en particulier sur l’épisode des faux profils Boursorama : en 2018, Naouri avait chargé son directeur de la communication Nicolas Boudot et son secrétaire général Franck-Philippe Georgin de faire disparaître des informations jugées erronées émanant de profils anonymes sur le site boursier, via l’agence Antidox, cofondée par Xavier Desmaison.
L’AMF s’intéresse également aux “amis d’Abu Dhabi” : selon un signalement de juillet 2020, plusieurs investisseurs proches de Naouri seraient montés au capital de Casino en 2019, afin d’assécher le marché du prêt-emprunt et de réduire la capacité des vendeurs à découvert. Daniel Kretinsky et BNP-Paribas, dirigée par Jean-Laurent Bonnafé, auraient servi d’intermédiaires dans cette opération. Une structure basée à Abu Dhabi, ADSS, dirigée par le financier libano-suisse Philippe Ghanem, aurait en outre servi d’intermédiaire pour l’achat de 1,71 million de titres Casino entre mars et septembre 2018, recevant en contrepartie une facture de 4 millions d’euros.

Mercato militaire : les favoris pour la marine et l’armée de terre
À quelques mois du traditionnel mercato du 14 juillet, le vice-amiral d’escadreChistophe Cluzel est favori pour succéder à l’actuel chef d’état-major de la marine, Nicolas Vaujour. Pour l’armée de terre, le général de division Jean de Monicault, commandant des forces armées de la zone sud de l’océan Indien, court en tête pour succéder à Pierre Schill. Son principal concurrent serait le général Philippe de Montenon, patron du CFOT.

Cyril Mourin lance son cabinet de conseil après l’Élysée
L’ancien conseiller sport d’Emmanuel Macron, Cyril Mourin, qui l’a accompagné de 2017 jusqu’aux JO de Paris 2024, a obtenu l’autorisation de la HATVP pour créer Sideline Conseil, un cabinet d’affaires publiques centré sur le sport. Ses clients cibles incluent les fédérations sportives, les marques engagées dans des partenariats et les organisateurs de compétitions internationales comme la NBA ou le Tour de France.

HarfangLab en quête de nouveaux actionnaires
Le groupe de cybersécurité HarfangLab, fondé en 2018 par deux ex-officiers de marine, a engagé des discussions avec des fonds d’investissement pour une nouvelle levée de capitaux, après avoir déjà collecté 30 millions d’euros en deux tours (2021 et 2023). Le groupe entend préserver une majorité de capitaux français et maintenir son siège à Puteaux, tout en se dotant des moyens nécessaires à une stratégie de croissance externe.

Les Nouveaux Éditeurs d’Arnaud Nourry : premiers départs
Le groupe LNE, lancé en 2024 et soutenu par François Pinault via la holding Artémis, vient de se séparer de deux cadres : Damien Naddeo, cofondateur de Maison Pop, et Clément Ribes, éditeur des Corps conducteurs. Le départ de Naddeo a été justifié par un mauvais choix éditorial : la nouvelle trilogie de Hazel Diaz, Cuero Asasino, n’a vendu que 20 000 exemplaires du premier tome malgré des dizaines de milliers d’exemplaires imprimés.

🇬🇧 Summary in English
Casino: AMF Quietly Revives Its Market Manipulation Probe
As Casino undergoes a second debt restructuring, France’s financial markets regulator (AMF) is quietly pressing ahead with its investigation into alleged market manipulation by former CEO Jean-Charles Naouri, conducting a fresh wave of raids at communications agencies that worked for the retailer prior to its 2024 takeover by Daniel Kretinsky.
Naouri had been convicted in January in the Miguet case on charges of private corruption, insider trading and dissemination of false information, receiving a four-year sentence (one year firm), a €1 million fine and a five-year management ban. Since market manipulation was not part of that verdict, the AMF has reactivated its investigation on that specific charge.
A key focus is the “Projet Phoenix” — Casino’s internal program to prop up its share price — and in particular the fake Boursorama profiles episode: in 2018, Naouri reportedly instructed his communications director and secretary-general to remove negative anonymous posts about Casino from the stock market platform, using the digital influence agency Antidox, co-founded by Xavier Desmaison.
The AMF is also examining a coordinated share-buying scheme dubbed the “Abu Dhabi friends”: according to a July 2020 referral, associates of Naouri allegedly built up Casino stakes in 2019 to drain the stock-lending market and limit short-sellers’ ability to borrow shares, with Daniel Kretinsky and BNP-Paribas under Jean-Laurent Bonnafé allegedly facilitating the operation.

Military Reshuffle: Frontrunners for Navy and Army Chiefs
Vice-admiral Christophe Cluzel, current commander of the naval action force (ALFAN), is reportedly the frontrunner to succeed Nicolas Vaujour as Chief of Staff of the French Navy. For the Army, General Jean de Monicault — who served as personal military aide to President Macron until last summer — leads the race to replace Pierre Schill. The presidential announcement is expected around the traditional 14 July military promotions.

Macron’s Former Sports Adviser Launches Consultancy
Cyril Mourin, who advised Emmanuel Macron on sports from 2017 through the Paris 2024 Olympics, has received regulatory clearance to launch Sideline Conseil, a public affairs firm focused on the sports sector. He intends to serve sports federations, branded partners and international competition organisers, while carefully navigating restrictions on approaching former Élysée colleagues.

Cybersecurity Firm HarfangLab Seeks New Investors
French cybersecurity group HarfangLab, which has raised €30 million since its founding in 2018, is in talks with investment funds for a new capital round. The company insists on preserving a French majority shareholding and retaining its headquarters in Puteaux, using the new funds primarily for external growth acquisitions.

Arnaud Nourry’s New Publishing Group Sees First Exits
LNE (Les Nouveaux Éditeurs), the publishing group backed by François Pinault’s Artémis holding and launched in 2024, has parted ways with two publishing house founders: Damien Naddeo of Maison Pop and Clément Ribes of Les Corps conducteurs. Naddeo’s departure was attributed to a costly editorial misstep on a dark romance trilogy that severely underperformed against print run expectations. LNE aims to reach breakeven in 2028, scaling up to 150 titles this year.​​​​​​​​​​​​​​​​

>>> Europe : Brokers Upgrades & Downgrades - 24th of March 2026 V2(+)

>>> Up
* AB Foods PT Raised to 2,250 pence at Kepler Cheuvreux (+)
* BASF Raised to Buy at Deutsche Bank; PT 55 euros
* Bechtle Raised to Buy at Berenberg; PT 34 euros
* Brenntag Raised to Buy at Deutsche Bank; PT 57 euros
* Coloplast Raised to Buy at UBS; PT 530 kroner
* Ottobock SE Raised to Buy at UBS; PT 74 euros
* Richemont Raised to Buy at BofA (+)
* Salzgitter Raised to Equal-Weight at Morgan Stanley
* Thyssenkrupp Raised to Equal-Weight at Morgan Stanley
* Umicore Raised to Buy at Deutsche Bank; PT 17.20 euros
* Wacker Chemie Raised to Hold at Deutsche Bank; PT 68 euros

>>> Down
* Akzo Nobel Cut to Hold at Deutsche Bank; PT 55 euros
* Givaudan Cut to Hold at Deutsche Bank; PT 3,000 Swiss francs
* Nordea Bank Cut to Underperform at BofA (+)
* SAP Cut to Neutral at JPMorgan; PT 175 euros
* Teleperformance Cut to Equal-Weight at Morgan Stanley

>>> Initiation
* Brinova Fastigheter Rated New Buy at SB1 Markets; PT 15 kronor
* Corem Property Rated New Neutral at SB1 Markets; PT 3.70 kronor
* Europris Reinstated Hold at Nordea
* Fastighets AB Trianon Rated New Neutral at SB1 Markets
* FastPartner Rated New Buy at SB1 Markets; PT 50 kronor
* Hongkong Land Reinstated Outperform at Macquarie; PT $11
* Intea Fastigheter Rated New Buy at SB1 Markets; PT 85 kronor
* Kid ASA Rated New Buy at Nordea; PT 146 kroner
* Klarabo Sverige Rated New Buy at SB1 Markets; PT 17 kronor
* Logistri Fastighets Rated New Buy at SB1 Markets; PT 18 kronor
* Mondi Reinstated Neutral at Goldman; PT 910 pence
* MTG Rated New Buy at SB1 Markets; PT 132 kronor
* Roche Rated New Buy at LBBW; PT 360 Swiss francs
* Sats Rated New Buy at Nordea; PT 49 kroner
* SCA Reinstated Neutral at Goldman; PT 120 kronor
* SIG Group Reinstated Buy at Goldman; PT 16 Swiss francs
* Sirius Real Estate Rated New Outperform at Oddo BHF
* Smurfit Westrock PLC Reinstated Buy at Goldman; PT $49
* Stora Enso Reinstated Sell at Goldman; PT 8 euros
* Studentbostader i Norden Rated New Neutral at SB1 Markets
* Sveafastigheter Rated New Neutral at SB1 Markets; PT 38 kronor
* UPM-Kymmene Reinstated Neutral at Goldman; PT 27 euros

>>> Call
* Bechtle Raised at Berenberg on Memory Chip Shortage Opportunity
* Pandora Estimates Boosted at Danske on Lower Silver Price
* Salzgitter, Thyssenkrupp Raised, MS Constructive on Carbon Steel
* Sirius Real Estate Outperform at Oddo on Defense-Linked Upside
* Teleperformance Cut at Morgan Stanley on Strategic Uncertainty
* YouGov Ebit Miss to Drive High-Teens Revisions, JPMorgan Says (+)

The Information : Nvidia’s New Server Rack Will Run AI Chips Made by Rivals

Nvidia’s New Server Rack Will Run AI Chips Made by Rivals

The Takeaway
  • Nvidia’s new server rack supports rival AI chips via Spectrum-X.
  • New rack allows Nvidia to profit from competitors’ chips in China.
  • Networking sales grew 268% to $11 billion for Nvidia last quarter.

Nvidia faces growing competition in the AI chip market. But the chip designer has found a way to make money even from its rivals’ chips.

During its annual GTC developer conference last week, the company unveiled a new server rack designed to run chips made either by Nvidia or by its rivals. The new racks include networking technology that connects the chips on each rack, ensuring that they can communicate quickly and reliably, according to two people with knowledge of the project.

The move shows how Nvidia is starting to cater to the growing array of chips from Google and Advanced Micro Devices used by its major customers. It also gives Nvidia a potential new foothold in China, where companies could fill the new rack with domestically produced chips and run them on Nvidia’s software, generating revenue for the company without requiring it to navigate restrictions on chip sales from either the U.S. or China.

The new rack, known as MGX ETL, utilizes Nvidia’s MGX rack design, a format the company introduced in 2023 and has since made the standard for its data center products. It is also the design Nvidia is now relying on for its Groq and Vera chip racks, which can hold up to 256 chips in a single cabinet.

ETL is not Nvidia’s first attempt to bring rival chips into its servers, but it is the easiest one for customers to use. Since last year, Nvidia has offered a separate program called NVLink Fusion, which allows companies to integrate their chips with NVLink, Nvidia’s proprietary high-speed connection technology that allows chips inside a server to communicate with each other very fast. For example, Amazon has committed to building its next Trainium4 AI chip with NVLink compatibility.

Not all companies are willing to embrace NVLink. More than 115 companies including AMD, Google, Meta and Microsoft have backed UALink, an alternative to NVLink that companies can build without licensing or approval from Nvidia.

The ETL rack is different. It runs on Spectrum-X, Nvidia’s networking technology built on Ethernet, the underlying technology that virtually every chip already supports. Getting Spectrum-X’s full performance benefits still requires Nvidia’s own switch chips and network cards, but the barrier for customers to use ETL rack is lower than NVLink. For Nvidia, that may be the point: even as customers increasingly turn to rival chips, the ETL rack keeps Nvidia at the center of AI infrastructure.

An Nvidia spokesperson said MGX is an open rack design and that it does not restrict system partners from using it with alternative components. The company said that was not new, and described the MGX ETL as an “open rack reference architecture”, a modular system design that can support different mixes of compute and networking.

Some Nvidia employees have been pitching the new rack to some customers, according to two people involved in the conversations. For example, Nvidia has presented the rack to some Chinese companies as a way to plug in a mix of domestically made AI chips and chips from companies such as AMD while still running on Nvidia’s Spectrum‑X networking and software, according to the two people.

The new rack also could help Nvidia counter allegations that it forces customers to buy chips and networking equipment together, a practice that has irked large customers such as Microsoft and that previously triggered an investigation by EU competition regulators.

Sales of networking equipment has become an increasingly important part of Nvidia’s business. Networking accounted for more than 15% of its total revenue, or $11 billion, in the quarter that ended in January. Those sales grew 268% compared to the same period a year earlier, a much faster growth rate than for any other business Nvidia breaks out.

Nvidia is responding to growing efforts by other U.S. companies such as Google, Amazon and Meta Platforms, as well as by Chinese firms like Huawei Technologies, to sway customers toward buying or renting alternative chips, especially for running AI products and agents at high speeds.

At GTC last week, CEO Jensen Huang said the AI industry has moved from training AI models to running them at scale as AI agents, which requires a different type of processing with faster and cheaper chips that access a lot of data storage and memory hardware. He said that in the past two years “the amount of computation required for reasoning”—a form of inference computing where a model performs logical processing to solve problems—“has increased by about 10,000 times, and usage has increased by about 100 times.” He said there was a roughly “millionfold” increase in total computing demand over this period.

WSJ : Exor Swings to Net Loss as Listed Companies Hurt Results

Exor Swings to Net Loss as Listed Companies Hurt Results
The company reported a net loss of €3.79 billion for 2025 compared with a net profit of €14.67 billion the year prior

Exor EXO 2.13%increase; green up pointing triangle, the holding company of Italy’s Agnelli family, swung to a net loss as it suffered from poor performances at some of its largest listed companies, including carmaker Stellantis STLA 4.11%increase; green up pointing triangle.

The Amsterdam-listed company late Monday reported a net loss of 3.79 billion euros ($4.40 billion) for 2025 compared with a net profit of 14.67 billion euros the year prior. This came as dividend income from the companies it invests in fell to 781 million euros from 1.135 billion euros.

Carmaker Stellantis booked a record loss of 22.3 billion euros and saw a significant fall in value. Stellantis posted charges of around 25 billion euros as part of a restructuring effort. Exor said it is confident Stellantis will turn the corner and report improved results going forward.

Meanwhile, agricultural-machinery group CNH reported reduced revenues on lower industry equipment demand and doesn’t expect a recovery until 2027.

Exor said the performance across its unlisted companies was mixed, but that private companies overall had a positive contribution to its portfolio.

Its net asset value fell 13% to 33.24 billion euros while its net asset value per share dropped 8.1% to 164.4 euros.