Economy news from Israel
Jensen Huang resigns from Nvidia over affair and espionage suspicion
Nvidia CEO Jensen Huang resigned after revelations of extramarital romantic relationships, including a relationship with Alice Huang, who is suspected of spying for China.
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Nvidia Turmoil Reaches Israel's Economy: About 40% of This Year's Growth Depends on Production Abroad
According to a Bank of Israel forecast, production by multinational companies outside the country's borders will add 2.2 percentage points to growth of 5.6% in 2026. A drop in Nvidia's sales will be felt mainly in GDP data, tax revenues and the debt ratio, and less in the labor market.
Ofra Strauss to join Top-Gum board
Strauss Group controlling shareholder Ofra Strauss is expected to join the board of Top-Gum, a supplement maker based in Sderot. Top-Gum's shares have fallen about 35% since the start of the year, and its value stands at about NIS 1.1 billion.
Oil prices surge on renewed tensions with Iran as US crude inventories rise
Brent crude rose to about $96 a barrel, after briefly dropping to $89, amid renewed tensions with Iran. At the same time, US commercial crude inventories rose by 4.7 million barrels, instead of the drop of about 0.7 million barrels the market had expected.
Stock indexes on Wall Street and in Tel Aviv swing between gains and losses in volatile week
Investors on Wall Street and at the Tel Aviv Stock Exchange are grappling with market volatility, led by chip and technology stocks, after sharp declines in artificial intelligence shares. Major indexes rose and fell during the week, and oil prices moved within a narrow range.
Anthropic prepares record IPO on Nasdaq at valuation of about $1.4 trillion
Anthropic plans to raise up to $90.4 billion in an IPO and private placement to Google, Nvidia and AMD, and to trade on Nasdaq under the ticker ANT. Pricing is expected on November 18, and the target valuation ranges from $1 trillion to $1.4 trillion.
Tech and Capital Markets: Revenues Surge in Third Quarter, but Some Companies Report Losses and Declines
Israeli and international companies in the fields of technology, payments, defense and chips published third-quarter reports, and many of them showed revenue growth. However, profits eroded at some companies, and shares of some rose while others fell after the results were published.
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