I regularly recommend that you don’t read this column if you're tired of hearing about central banks and the turmoil they cause among financiers. Perhaps in future, I should also include warnings about artificial intelligence. Because between the drama at OpenAI and Nvidia's results later today, I'm afraid we'll be talking quite a bit about AI in the near future.

Can you believe it? Everyone wants to hire Sam Altman. There's so much media coverage of his ousting from OpenAI and his hiring by Microsoft and yet, no one seems to fully understand wy he was fired. Members of the board of directors have become the villains, the investors who followed the company want their heads, and almost all of OpenAI's employees say they're ready to quit if Sam isn't returned to them! Apparently, he could go back to where he came from, since his new employer Microsoft doesn't seem to be opposed to the idea, and he'd like to see himself back where he belongs.

It was far from obvious, but the way Microsoft has maneuvered around OpenAI since the weekend has been endorsed by the market. Let me remind you that the group founded by Bill Gates is OpenAI’s main backer and biggest user, having based a large part of its future strategy on the functionalities developed by OpenAI. Microsoft shares gained 2% yesterday, with the luxury of an all-time session high. This rise inspired the entire Nasdaq, which ended on a 1.2% gain, taking the technology index back to its January 2022 levels, within 5% of its record highs. As the rates environment eases, the AI theme could continue to carry Wall Street, especially if Nvidia's results live up to expectations at the close. Its ultra-high-performance processors are key components of AI systems, and is poised to greatly benefit from this new gold rush.

In other news, China offered a little relief this morning, boosted by its real estate sector. Bloomberg understands that Beijing is drawing up a list of 50 developers who could receive financial support to halt the collapse of this major part of the Chinese economy. This "white list" has not yet been made official, but the market seems in no doubt about its existence. Meanwhile, the SEC has taken Kraken, the world's third-largest cryptocurrency exchange, to court in the US, accusing it of operating without authorization.

U.S. stock futures were slightly in the red in premarket trading, as investors await Nvidia, but also the latest meeting minutes from the Fed - before Thanksgiving.

Economic highlights of the day:

The Chicago Fed index and Existing Home Sales are on the agenda. 

The dollar is down to EUR 0.9126 and GBP 0.7969. An ounce of gold is worth USD 1995. Oil stabilizes, with North Sea Brent at USD 81.83 a barrel and US light crude WTI at USD 77.33. The yield on 10-year US debt falls to 4.39%. Bitcoin hovers around USD 37,000.

In corporate news:

  • Nvidia will publish its quarterly results after the close. The chipmaker is again expected to present record revenue forecasts, but the focus will be on the impact of US restrictions on sales of its high-end chips in China.
  • Uber Technologies was down 1% in pre-market trading after raising more capital than expected to refinance part of its debt. The company raised $1.5 billion through a convertible bond issue, compared with its initial planned size of $1.2 billion.
  • Best Buy said on Tuesday that it expected a larger decline in sales for the full year. The U.S. electronics retailer now expects full-year like-for-like sales to fall by 6.0% to 7.5%, having previously forecast a decline of 4.5% to 6.0%.
  • Symbotic was up 22.5% before the opening following the publication of a solid quarterly report by the warehouse robotics company. The group posted fourth-quarter sales of $391.9 million, up 60% year-on-year, against a consensus of $306.9 million.
  • Lowe on Tuesday forecast a larger-than-expected decline in annual sales and lowered its earnings guidance as inflation-hit consumers cut back on spending on home improvement projects. Lowe's now expects a 5% fall in annual sales on a like-for-like basis, having previously forecast a drop of between 2% and 4%. Analysts on average expect a decline of 3.4%. The share price lost 6% before the opening.
  • Medtronic on Tuesday raised its annual profit forecast for the second time this year, betting on increased demand for its medical devices. The group now expects earnings of between $5.13 and $5.19 per share for fiscal 2024, above the $5.08 to $5.16 per share range previously expected.
  • Kohl's posted a larger-than-expected drop in quarterly sales on Tuesday, as customers spent less money in its department stores amid persistently high inflation. Like-for-like sales fell by 5.5% in the third quarter, while analysts were expecting a 3% decline.
  • Zoom Video raised its annual sales and earnings forecasts on Monday, as hybrid working and the integration of artificial intelligence into its products supported demand.
  • CRH announced the acquisition of $2.1 billion of building materials assets from Martin Marietta Materials. The world's largest producer of building materials now forecasts full-year Ebitda of $6.3 billion, compared with $6.2 billion forecast in August.
  • Agilent - The medical equipment manufacturer gained 6.4% after the close, as the company posted fourth-quarter adjusted earnings per share of $1.38, against a consensus of $1.34.
  • C3.AI - The software company cut jobs last week, citing employee performance and the need to reduce costs, Bloomberg News reported Monday.
  • General Motors - The co-founder of its Cruise unit, which specializes in driverless vehicles, Daniel Kan, has resigned, the company told Reuters on Monday.

Analyst recommendations:

  • Agilent Technologies, Inc.: JP Morgan maintains its overweight recommendation and reduces the target price from USD 150 to USD 140.
  • American Tower Corporation: BMO Capital Markets maintains its outperform rating and raises the target price from USD 220 to USD 230.
  • Ashtead Group Plc: Citigroup maintains its buy recommendation with a price target reduced from GBP 67 to GBP 60.
  • Atmos Energy Corporation: Morgan Stanley maintains its overweight rating and reduces the target price from USD 115 to USD 110.
  • B&M European Value Retail S.A.: Deutsche Bank resumes coverage with a buy rating and a target price of GBX 660.
  • Celanese Corporation: Piper Sandler & Co upgrades to neutral from underweight with a price target raised from USD 112 to USD 135.
  • Compass Group Plc: Morgan Stanley maintains its overweight rating and reduces the target price from 2400 to GBX 2300.
  • Croda International Plc: BNP Paribas Exane maintains a neutral recommendation with a price target reduced from GBX 5500 to GBX 5000.
  • Crowdstrike Holdings, Inc.: Jefferies maintains its buy recommendation and raises the target price from USD 225 to USD 245.
  • Crown Castle Inc.: BMO Capital Markets maintains its underperform recommendation and raises the target price from USD 85 to USD 95.
  • Diploma Plc: Berenberg maintains its buy recommendation and raises the target price from GBX 3500 to GBX 3800.
  • Exelon Corporation: Mizuho Securities downgrades to neutral from buy with a price target reduced from USD 45 to USD 40.
  • Intuitive Surgical, Inc.: Leerink Partners maintains its outperform recommendation and raises the target price from USD 342 to USD 357.
  • Keysight Technologies, Inc.: Barclays maintains its equalweight recommendation and reduces the target price from USD 144 to USD 134.
  • Kingfisher Plc: Deutsche Bank resumes coverage with a hold recommendation and a target price of GBX 255.
  • Marks & Spencer Group Plc: Deutsche Bank upgrades to buy from dropped coverage with a target price of GBX 310.
  • Moody'S Corporation: Daiwa Securities maintains a neutral recommendation with a price target raised from USD 355 to USD 370.
  • Newmont Corporation: Macquarie initiates an Outperform recommendation with a target price of USD 45.
  • Next Plc: Deutsche Bank resumes coverage with a hold recommendation and a target price of GBX 7350.
  • Synopsys Inc.: Wells Fargo maintains its overweight rating and raises the target price from USD 505 to USD 600.
  • The Hershey Company: RBC Capital downgrades to sector perform from outperform with a price target reduced from USD 239 to USD 213.
  • Ulta Beauty, Inc.: Oppenheimer maintains its outperform rating and reduces the target price from USD 540 to USD 525.
  • Zoom Video Communications, Inc.: Goldman Sachs maintains a neutral recommendation with a price target reduced from USD 75 to USD 70.