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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: Oh 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, Fortes Q

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

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Speaker 1: worst 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 Optis 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 Nation and Wide will buy Virgin Money,

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Speaker 1: which is listed here and in London. About half the

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Speaker 1: shareholders are Australia based. Virgin Money was created by the

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Speaker 1: merger of Virgin and Clydesdale and Yorkshire Banking Group in

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Speaker 1: twenty eighteen. The latter was a subsidiary of NAB, but

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

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

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Speaker 1: the listing here story number four. The New South Wales

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

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

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

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

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Speaker 1: comes after warnings the shift to renewable energy has fallen

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Speaker 1: off track. Under the deal, Origin will seek to generate

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

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Speaker 1: percent of total generation in the Eastern States national electricity

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Speaker 1: market from the giant plant on the shores of New

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Speaker 1: South Wales Lake Macquarie. According to the Financial Review, Origin

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Speaker 1: will pay a fifth of any operating profits up to

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Speaker 1: or maximum of forty million dollars a year should the

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Speaker 1: plant operate at a profit during the extension period, but

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Speaker 1: if araiing has run at a loss, Origin can call

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Speaker 1: on the state to subsidize the plants operating capital costs

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Speaker 1: and finally, story number five record sales of artificial intelligence

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Speaker 1: chips since Innvidia's revenue soaring two hundred and sixty two

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

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Speaker 1: and the group expects growth to continue with the launch

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

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Speaker 1: the company will see a lot of revenue from its

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Speaker 1: new Blackwell chips this year as it profits from exploding

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Speaker 1: demand for the computing power behind generative AI. According to

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Speaker 1: a report in The Financial Times, demand for Nvidia's AI

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Speaker 1: data center graphics processing units has absolutely surged in the

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Speaker 1: past year as the big tech companies rush to develop

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

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Speaker 1: For the March quarter, and Video was making about twenty

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Speaker 1: nine million US dollars a day in revenue. And Video

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Speaker 1: shares are up around ninety percent this year and jump

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Speaker 1: six percent in after hours trading to push through one

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Speaker 1: thousand US dollars a share. The company also announced a

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Speaker 1: ten for one stock split. That's it for the afternoon

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

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Speaker 1: Don't forget to follow on the podcast and find Fear

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Speaker 1: and Greed on LinkedIn, Instagram, x TikTok, and Facebook. Join

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Speaker 1: us tomorrow morning for the Fast Five by Fear and Greed.

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Speaker 1: The top five business stories you need to know when

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Speaker 1: it's five minutes are Michael Thompson. Enjoy your even