--- title: Nvidia achieves another record-breaking quarter description: Following its quarterly results, Nvidia's stock surpassed $1,000 per share. Ether (ETH) saw a significant rise ahead of the anticipated launch of the first spot ETFs and the cost of servicing the US public debt is projected to surpass defence spending. Each week, the Syz investment team takes you through the last seven days in seven charts. image: https://blog.syzgroup.com/hubfs/W7C_240527_cover.jpg --- [![Syz Private banking](https://blog.syzgroup.com/hs-fs/hubfs/Logo.png?width=140&name=Logo.png "Syz Private banking")](https://www.syzgroup.com/fr) ## **Thinking** out loud [Subscribe](https://25733253.hs-sites-eu1.com/newsletter-signup?hsLang=en) [![Contact Us](https://hubspot-no-cache-eu1-prod.s3.amazonaws.com/cta/default/25733253/3d762f49-4e71-4f99-97b1-bf6781ef3da2.png)](https://hubspot-cta-redirect-eu1-prod.s3.amazonaws.com/cta/redirect/25733253/3d762f49-4e71-4f99-97b1-bf6781ef3da2) - [OUR SERVICES](https://www.syzgroup.com/en/private-banking) - [ABOUT SYZ](https://www.syzgroup.com/en/about/welcome-to-syz) - [CAREERS](https://www.syzgroup.com/en/careers) - [PRESS](https://www.syzgroup.com/en/news) - [Blog Homepage](https://blog.syzgroup.com) - [Slow Food for Thought](https://blog.syzgroup.com/slow-food-for-thought) - [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus) - [Asset allocations Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights) - [Market Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/market-outlook) - [Swiss Perspectives](https://blog.syzgroup.com/slow-food-for-thoughts/tag/swiss-perspectives) - [Syz the moment](https://blog.syzgroup.com/syz-the-moment) - [Crypto corner](https://blog.syzgroup.com/crypto-corner) - [Syz AI Insights](https://blog.syzgroup.com/syz-ai-insights) - [Fast Food for Thought](https://blog.syzgroup.com/fast-food-for-thought) - [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thoughts/tag/the-week-in-seven-charts) - [Flash](https://blog.syzgroup.com/fast-food-for-thoughts/tag/flash) - [Fixed Income Weekly](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) - [Equity Weekly](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) - [Global markets outlook](https://blog.syzgroup.com/fast-food-for-thoughts/tag/global-markets-outlook) - [CONTACT](https://www.syzgroup.com/en/contact-us/form) - [ENGLISH](https://www.syzgroup.com/) - [FRANÇAIS](https://www.syzgroup.com/fr) - [Slow Food for Thought](https://blog.syzgroup.com/slow-food-for-thought) - [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus) - [Asset allocations Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights) - [Market Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/market-outlook) - [Swiss Perspectives](https://blog.syzgroup.com/slow-food-for-thoughts/tag/swiss-perspectives) - [Fast Food for Thought](https://blog.syzgroup.com/fast-food-for-thought) - [Flash](https://blog.syzgroup.com/fast-food-for-thoughts/tag/flash) - [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) - [The week in seven charts](https://blog.syzgroup.com/slow-food-for-thoughts/tag/the-week-in-seven-charts) - [Global markets outlook](https://blog.syzgroup.com/fast-food-for-thoughts/tag/global-markets-outlook) - [Weekly Equities](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) - [Syz the moment](https://blog.syzgroup.com/syz-the-moment) - [Crypto corner](https://blog.syzgroup.com/crypto-corner) - [Syz AI Insights](https://blog.syzgroup.com/syz-ai-insights) - [Our Services](https://www.syzgroup.com/en/private-banking) - [About Syz](https://www.syzgroup.com/en/about/welcome-to-syz) - [Careers](https://www.syzgroup.com/en/careers) - [Press](https://www.syzgroup.com/en/news) - [Contact](https://www.syzgroup.com/en/contact-us/form) - [English](https://www.syzgroup.com/) - [Français](https://www.syzgroup.com/fr) ## **Sign-up** for our newsletter This website uses cookies to enhance user navigation and to collect statistical data. You can change your settings below to refuse the use of cookies. For more information, please refer to the [Cookies policy](https://www.syzgroup.com/en/legal-notices). Mandatory cookies Functional cookies Statistics & marketing I confirm I am not a US citizen residing in the US I confirm I am not accessing this site from the US I confirm that I am not a resident of Canada (except for Ontario, Quebec, British Columbia or Alberta). Agree and confirm ### Restricted access We are sorry that for legal reasons we are not able to help US citizens or Canadian residents other than in Ontario, Quebec, or Alberta. Best wishes for the future… ### Restricted access We are sorry that for legal reasons we are not able to help US citizens or Canadian residents other than in Ontario, Quebec, or Alberta. Best wishes for the future… You chose the following profile. If you made a mistake, please change here USA Country Switzerland Canada: Other than Ontario, Quebec, Alberta Canada: Ontario, Quebec or Alberta USA Other country Language Language English French German Italian I confirm Legal information This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) ### Nvidia achieves another record-breaking quarter Following its quarterly results, Nvidia's stock surpassed $1,000 per share. Ether (ETH) saw a significant rise ahead of the anticipated launch of the first spot ETFs and the cost of servicing the US public debt is projected to surpass defence spending. Each week, the Syz investment team takes you through the last seven days in seven charts. [![Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/hubfs/charles-2.jpg)](https://blog.syzgroup.com/fast-food-for-thought/author/charles-henry-monchau) [**Charles-Henry Monchau, CFA, CMT, CAIA**](https://blog.syzgroup.com/fast-food-for-thought/author/charles-henry-monchau) Chief Investment Officer **Monday, 05/27/2024** | - [![Pdf](https://blog.syzgroup.com/hubfs/pdf%20(1).png)](https://blog.syzgroup.com/hubfs/Syz-Feature_WeekIn7Charts_240527.pdf?hsLang=en) - - - - #### Chart #1 — ## **Another record-breaking quarter for Nvidia** Following the release of its quarterly results, Nvidia broke the $1,000 per share barrier for the 1st time. The company posted record quarterly revenues of $26 billion, +18% on the previous quarter and +260% on the previous year. Operating margin reached 65%, up 3 points on the previous quarter. Net income reached a new record of $14.88 billion in Q1. This represents an increase of 628% on last year's net income of $2.04 billion. The dividend was increased by 150%, and the company announced a 10-for-1 stock split (effective June 7). According to some estimates, Nvidia currently controls 95% of the artificial intelligence (AI) chip market. The AI boom has added trillions to market capitalisation over the past two years, with $NVDA currently trading with a market capitalisation of over $2.5 TRILLION for the first time in history. To put this into perspective, Nvidia's market capitalisation is now larger than those of Tesla and Amazon combined. In addition, Nvidia is now larger than the entire German stock market, as well as, the market capitalisation of the Italian and Australian stock markets combined. 5 years ago, Nvidia's market capitalisation was just $100 billion. Today, it is the world's third-largest public company, and is fast approaching Apple. The over 400% increase in data centre revenues (see chart below) demonstrates that AI growth is not slowing down, with Nvidia being the primary beneficiary of this trend.   ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-May-27-2024-09-25-57-1910-AM.png?width=875&height=491&name=image-png-May-27-2024-09-25-57-1910-AM.png)Source: App Economy Insights --- #### Chart #2 — ## **AI data centres are energy-intensive** According to the CEO of Emerson Electric: "The racks used to house the IT equipment in AI-dedicated data centres consume much more energy than traditional data centres. For example, a search on ChatGPT consumes 6 to 10 times more energy than a traditional Google search." No wonder, then, to see stocks benefiting from rising electricity demand exploding on the stock market right now. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-May-27-2024-09-27-06-1641-AM.png?width=812&height=578&name=image-png-May-27-2024-09-27-06-1641-AM.png)Source: The Transcript --- #### Chart #3 — ## **22 years ago, Netflix went public** $2,000 invested in Netflix stock in 2002 would be worth $1 million today...   ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-May-27-2024-09-28-37-2235-AM.png?width=940&height=632&name=image-png-May-27-2024-09-28-37-2235-AM.png)Source: Jon Erlichman   --- #### Chart #4 — ## **The Airbnb " bank "** With annual revenues reaching nearly $10 billion in 2023, and net profit of $4.8 billion in 2023, Airbnb (ABNB) is a huge business success despite a few difficult years linked to the Covid pandemic. But the Airbnb business is also a huge "cash machine". And with rates rising, the cash held on the balance sheet is now making a strong contribution to the group's results. Indeed, ABNB's interest income soared to $777 million over the past 12 months. These revenues are more akin to those of a bank than a tourism company. ABNB benefits from being the merchant in title, meaning that it is the party that processes and distributes the actual payment for a product or service. When a customer makes a reservation on Airbnb, Airbnb receives the money in advance. This money is held in the host's name and paid once the service has been provided. With last year's interest rate hikes, Airbnb was able to benefit from investing the cash in short-term U.S. Treasuries before paying it out to hosts. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-May-27-2024-09-30-55-5210-AM.png?width=848&height=462&name=image-png-May-27-2024-09-30-55-5210-AM.png)Source: Wolf of Harcourt Street --- #### Chart #5 — ## **The cost of servicing the US public debt is on course to exceed defence spending** The U.S. federal budget has reached a milestone: interest payments are overtaking defence spending. The United States has long had the largest defence budget in the world, with spending expected to approach $900 billion this year. For the first seven months of fiscal year 2024, which began last October, net interest payments totalled $514 billion, exceeding defence spending by $20 billion. Budget analysts expect this trend to continue, making 2024 the first year the U.S. will spend more on interest payments than on national defence. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-May-27-2024-09-34-21-6251-AM.png?width=750&height=514&name=image-png-May-27-2024-09-34-21-6251-AM.png) Source : Bloomberg, Michael McDonough   --- #### Chart #6 — ## **Ether (ETH) rises sharply in anticipation of the imminent launch of the first spot ETFs** Ether, often symbolised as ETH, is the native currency of the open source Ethereum blockchain. It is the second largest cryptocurrency capitalisation ($450 million) after bitcoin. For several months, the crypto community had been anticipating the launch of a spot ETF on ETH, with the same positive effects as the launch of spot ETFs on bitcoin. In the space of a week, ETH rose by over 30% following comments by Bloomberg senior analyst Eric Balchunas, who reported that the launch of Ether exchange-traded funds (ETFs) was imminent. This prediction proved accurate, as the SEC (Securities Exchange Commission) in the USA announced on Thursday evening the approval of 8 ETFs on Ether. These are the following issuers: Grayscale, Bitwise, iShares (Blackrock), VanEck, ARK Invest / 21 Shares, Invesco Galaxy, Fidelity, and Franklin Templeton. However, these issuers still have a few administrative obligations to settle before they can launch these funds on the stock market. The process could take a few more weeks. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-May-27-2024-09-35-35-9741-AM.png?width=964&height=680&name=image-png-May-27-2024-09-35-35-9741-AM.png) Source: Coingecko --- #### Chart #7 — ## **The de-dollarisation of China's cross-border payments** Since 2010, the majority of China's cross-border payments, like those of many other countries, have been settled in US dollars (USD). But since the first quarter of 2023, the dollar has lost its supremacy. This chart from the Hinrich Foundation visualises the growing use of the Chinese renminbi (RMB) in domestic and international payments. The analysis uses Bloomberg data on China's share of payments and receipts in RMB, USD and other currencies from 2010 to 2024. In the early months of 2010, settlements in local currency accounted for less than 1.0% of China's cross-border payments, compared with around 83.0% in USD. Since then, China has closed this gap. In March 2023, the RMB's share of Chinese settlements exceeded that of the USD for the first time. Since then, the de-dollarisation of Chinese international settlements has continued. In March 2024, more than half (52.9%) of Chinese payments were settled in RMB and 42.8% in USD. This is twice as much as five years earlier. According to Goldman Sachs, the increased willingness of foreigners to exchange RMB-denominated assets has largely contributed to the de-dollarisation in favour of the Chinese currency. In addition, early last year, Brazil and Argentina announced that they would begin to allow trade settlements in RMB. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-May-27-2024-09-37-06-3429-AM.png?width=623&height=630&name=image-png-May-27-2024-09-37-06-3429-AM.png) Source: Visual Capitalist #### Disclaimer This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. Read More ## Related Articles [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [Four years into the bull market](https://blog.syzgroup.com/fast-food-for-thought/four-years-into-the-bull-market?hsLang=en) Meanwhile, earnings growth, not valuation expansion, is doing the heavy lifting behind the S&P 500’s rally. Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 12/10/2026 [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [Is France’s sovereign debt heading towards “junk” territory?](https://blog.syzgroup.com/fast-food-for-thought/is-frances-sovereign-debt-heading-towards-junk-territory?hsLang=en) Meanwhile, what does Anthropic’s $2tn valuation assume about future growth? Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 05/10/2026 [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [The 10-year Treasury yield hits a 19-year high](https://blog.syzgroup.com/fast-food-for-thought/the-10-year-treasury-yield-hits-a-19-year-high?hsLang=en) Meanwhile, US earnings growth leaves the rest of the world behind. Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 28/09/2026 ## Straight from the Desk # Syz the moment Live feeds, charts, breaking stories, all day long. [Discover more](https://blog.syzgroup.com/syz-the-moment?hsLang=en) ## **Thinking** out loud Sign up for our weekly email highlighting the most popular posts. Follow us ## **Thinking** out loud - - - - ## **Investing** with intelligence Our latest research, commentary and market outlooks #### [Weekly Market Update](https://blog.syzgroup.com/fast-food-for-thoughts/tag/weekly-market-update?hsLang=en) #### [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus?hsLang=en) #### [Asset Allocation Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights?hsLang=en) #### [Semi-annual Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/semi-annual-outlook?hsLang=en) - [Contact](https://www.syzgroup.com/en/contact-us/form) - [Terms & conditions](https://www.syzgroup.com/sites/default/files/document/2021-12/001-2_en-general_terms_and_conditions_w.pdf) - [Data protection notice](https://www.syzgroup.com/en/data-protection-notice) - [Cookies policy](https://www.syzgroup.com/en/legal-notices) - [Syzgroup.com](https://www.syzgroup.com/) ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Charles-Henry Monchau, CFA, CMT, CAIA", "url" : "https://blog.syzgroup.com/fast-food-for-thought/author/charles-henry-monchau" }, "dateModified" : "2024-05-27T13:00:13.554Z", "datePublished" : "2024-05-27T12:10:52.000Z", "headline" : "Nvidia achieves another record-breaking quarter", "image" : [ "https://blog.syzgroup.com/hubfs/W7C_240527_cover.jpg" ], "mainEntityOfPage" : { "@id" : "https://blog.syzgroup.com/fast-food-for-thought/dow-jones-breaks-historic-40000-barrier-0", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://blog.syzgroup.com/hubfs/Logo%20(1).png" }, "name" : "Syz Group" } } ```