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Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

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Speaker 1: for Thursday, the twenty third of May twenty twenty four,

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Speaker 1: by Michael Thompson. Every afternoon, we've got the five stories

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Speaker 1: that happened today that you need to know about. So

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Speaker 1: let's get going. Story number one. The SMPASX two hundred

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Speaker 1: closed down almost half a percent today to seven eight

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Speaker 1: hundred and twelve points. Techtocks did well while the big

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Speaker 1: miners went backwards. BHP led the way down, dropping two

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Speaker 1: and a half percent after it emerged that Anglo American

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Speaker 1: had knocked back a third bid from the Big Australian.

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Speaker 1: BHP now has another week to make a further bid

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Speaker 1: if it chooses to do so. Rio, Tinto, Fortesque and

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Speaker 1: West Farmers were all sharply lower. NAB was the worst

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Speaker 1: of the banks. On the positive side of the market,

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Speaker 1: CSL did well, jumping one point four percent, as did Transurban.

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Speaker 1: Telstra was up one point one percent. In corporate news,

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Speaker 1: New farm dropped seven percent after a slump in profits

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Speaker 1: and revenue in the face of quote challenging conditions. In

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Speaker 1: its latest half year report, Zero reported surging revenue in

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Speaker 1: the twelve months to the end of March, sending its

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Speaker 1: share price up nearly nine percent, the best on the day.

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Speaker 1: Story number two. The Communications regulator is suing Optus for

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Speaker 1: allegedly not protecting customers confidential information ahead of the September

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Speaker 1: twenty twenty two cyber attack. The Australian Communications and Media

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Speaker 1: Authority filed proceedings in the Federal Court claiming Optus failed

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Speaker 1: to protect the confidentiality of personally identifiable information of its

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Speaker 1: customers from unauthorized interference or access. It is, of course,

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Speaker 1: the latest legal battle for Optus, which is also fighting

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Speaker 1: to stop a report commission from Deloitte into the twenty

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Speaker 1: twenty two attack from being released as part of class

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Speaker 1: action proceedings brought by Slater and Gordon. Story number three.

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Speaker 1: Shareholders in Virgin Money, Britain's sixth largest bank that's listed

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Speaker 1: on the ASX, have voted for a five point five

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Speaker 1: billion dollar takeover offer and the group will leave the

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Speaker 1: Exchange Building Society Nationwide will buy Virgin Money, which is

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Speaker 1: listed here and in London. About half the shareholders are

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Speaker 1: Australia based. Virgin Money was created by the merger of

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Speaker 1: Virgin and Clydesdale and Yorkshire Banking Group in twenty eighteen.

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Speaker 1: The latter was a subsidiary of NAB, but was spun

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Speaker 1: off in twenty sixteen when NAB exits in Britain, so

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Speaker 1: NAB shareholders got stock in Clydesdale in Yorkshire, hence the

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Speaker 1: listing here Story number four. The New South Wales government

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Speaker 1: will extend the life of Origin Energy's Arahring coal fired

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Speaker 1: power station for at least two more years until August

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Speaker 1: twenty twenty seven, at a cost of up to two

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Speaker 1: hundred and twenty five million dollars a year. This comes

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Speaker 1: after warnings the shift to renewable energy has fallen off track.

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Speaker 1: Under the deal, Origin will seek to generate a minimum

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Speaker 1: of six terrawa hours a year, about three percent of

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Speaker 1: total generation in the Eastern States national electricity market, from

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Speaker 1: the giant plant on the shores of New South Wales

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Speaker 1: Lake Macquarie. According to the Financial Review, Origin will pay

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Speaker 1: a fifth of any operating profits up to a maxim

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Speaker 1: of forty million dollars a year should the plant operate

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Speaker 1: at a profit during the extension period, but if Ara'ring

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Speaker 1: has run at a loss, Origin can call on the

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Speaker 1: state to subsidize the plants operating capital costs and finally

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Speaker 1: story number five record sales of artificial intelligence chips since

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Speaker 1: Nvidia's revenue soaring two hundred and sixty two percent in

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Speaker 1: the past quarter, ahead of already lofty expectations, and the

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Speaker 1: group expects growth to continue with the launch of a

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Speaker 1: line of new chips. CEO Jensen Huang said the company

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Speaker 1: wild see a lot of revenue from its new Blackwell

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Speaker 1: chips this year as it profits from exploding demand for

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Speaker 1: the computing power behind generative AI. According to a report

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Speaker 1: in The Financial Times, demand for Nvidia's AI data center

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Speaker 1: graphics processing units has absolutely surged in the past year

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Speaker 1: as the big tech companies rush to develop the computing

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Speaker 1: infrastructure needed to deliver AI products at scale. For the

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Speaker 1: March quarter, Nvidia was making about twenty nine million US

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Speaker 1: dollars a day in revenue, and video shares are up

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Speaker 1: around ninety percent this year and jump six percent in

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Speaker 1: after hours trading to push through one thousand US dollars

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Speaker 1: a share. The company also announced a ten for one

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Speaker 1: stock split. That's it for the afternoon report for Thursday,

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Speaker 1: the twenty third of May twenty twenty four, will be

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Speaker 1: back tomorrow morning with the Friday edition of Fear and greed.

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Speaker 1: I'm Michael Thompson to enjoy your evening,