--- title: The surge of AI drives Nvidia's outcomes to unprecedented levels description: The Jackson Hole symposium offered no real new Fed policy insights, AI's ascent propels Nvidia's results and the BRICs welcome 6 new members next January. 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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) ### The surge of AI drives Nvidia's outcomes to unprecedented levels The Jackson Hole symposium offered no real new Fed policy insights, AI's ascent propels Nvidia's results and the BRICs welcome 6 new members next January. 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, 08/28/2023** | - [![Pdf](https://blog.syzgroup.com/hubfs/pdf%20(1).png)](https://blog.syzgroup.com/hubfs/Syz-Feature-The%20week%20in%20seven%20charts-28.08.pdf?hsLang=en) - - - - [pdf](https://blog.syzgroup.com/hubfs/Syz-Feature-The%20week%20in%20seven%20charts-28.08.pdf?hsLang=en) ##### Chart #1 — ## Following a rather "hawkish" Jackson Hole, markets raise the Fed's terminal rate by 15 basis points The eagerly awaited symposium of central bankers in Jackson Hole, Wyoming, did not provide any new information on the Fed's monetary policy. The general tone of Chairman Powell's speech in Jackson Hole was relatively hawkish, i.e. in favour of pursuing a restrictive monetary policy. However, Mr Powell was not as hawkish as some had feared, given the recent macroeconomic data (see chart #4). The main message is that the Fed is ready to take a break from monetary policy, but will adopt a more hawkish stance if the economic data continues to be so strong. The Fed's terminal rate was revised upwards by the markets following Powell's speech. The markets are now assigning a probability of a rate hike in September of 21.5% (compared with 10% before Mr Powell's speech). The probability of another rate hike this year has just reached its highest level in two months, at 52.1%. According to the yield curve, the markets do not expect a rate cut before June 2024. ![pic 1-Aug-28-2023-02-31-41-0640-PM](https://blog.syzgroup.com/hs-fs/hubfs/pic%201-Aug-28-2023-02-31-41-0640-PM.jpg?width=900&height=565&name=pic%201-Aug-28-2023-02-31-41-0640-PM.jpg) Source: Bloomberg --- ##### Chart #2 — ## September is historically the worst month of the year for equity markets According to a study by Goldman Sachs, we are entering the month of the year that is historically the worst for equity markets. Since 1928, the median return for the S&P 500 has been -1.56%. As for the Nasdaq 100, the median performance in September (since 1985) is -1.21%. ![pic 2-Aug-28-2023-02-32-52-7369-PM](https://blog.syzgroup.com/hs-fs/hubfs/pic%202-Aug-28-2023-02-32-52-7369-PM.jpg?width=900&height=560&name=pic%202-Aug-28-2023-02-32-52-7369-PM.jpg) Source:  Goldman Sachs (NB: Past performance is no guarantee of future performance) --- ##### Chart #3 — ## The rise of AI propels Nvidia's results to new heights It was the most eagerly awaited quarterly results release of the week. GPU supplier Nvidia saw its sales and profits grow by 101% and 843% respectively for its second quarter of 2024. Driving this growth, the manufacturer's Data Centre business now accounts for 76% of its sales. Gross margin is now 70% (up 5% on Q1), while operating margin is 50% (up 21%). Management has announced a $25 billion share buyback programme.  The effects of the rapid adoption of AI on Nvidia's results are being felt above all in its sales of products for data centres. In Q2, their value rose by 171% to $10.3 billion. This result represents a real transformation for Nvidia, whose core business used to be graphics, particularly for video games. This category now accounts for just 23% of Nvidia's sales, compared with 41% a year earlier and 60% two years previously. "A new era has begun in IT. Companies around the world are moving from general-purpose computing to accelerated computing and generative AI," said Jensen Huang, founder and CEO of Nvidia, in a press release. Another positive factor is the guidance for the third quarter: third-quarter sales are expected to come in at $16 billion, 28% better than forecast. The share price is now up 250% since the start of the year, the best performer in the S&P 500. In terms of market capitalisation, Nvidia is now worth 8.8 times more than Intel, 6.9 times more than AMD and 3 times more than JP Morgan. ![pic 3-Aug-28-2023-02-34-38-9890-PM](https://blog.syzgroup.com/hs-fs/hubfs/pic%203-Aug-28-2023-02-34-38-9890-PM.jpg?width=900&height=504&name=pic%203-Aug-28-2023-02-34-38-9890-PM.jpg) Source: App Economy Insight  --- ##### Chart #4 — ## 3Q US GDP growth could surprise on the upside The US economy is expected to grow at an annualised rate of 5.9% in the third quarter, according to the Atlanta Fed's GDPNow forecasting model. This figure looks set to reinforce the US monetary policy rationale that the Federal Reserve could keep key interest rates high for a relatively long period. Unless the macroeconomic publications of the next few weeks show any signs of weakness.  ![pic 4-Aug-28-2023-02-36-12-8773-PM](https://blog.syzgroup.com/hs-fs/hubfs/pic%204-Aug-28-2023-02-36-12-8773-PM.jpg?width=900&height=626&name=pic%204-Aug-28-2023-02-36-12-8773-PM.jpg) Source: J-C Gand, Atlanta Fed --- ##### Chart #5 — ## US Government debt hits $32 trillion The United States has accumulated as much debt in the last 10 years (16 trillion dollars) as in the previous 100 years. The total now stands at 32 trillion.  ![pic 5-Aug-28-2023-02-37-12-8778-PM](https://blog.syzgroup.com/hs-fs/hubfs/pic%205-Aug-28-2023-02-37-12-8778-PM.jpg?width=900&height=1020&name=pic%205-Aug-28-2023-02-37-12-8778-PM.jpg) Source: FRED   --- ##### Chart #6 — ## L’expansion des BRICS The BRICs (Brazil, Russia, India, China and South Africa), meeting at their summit in Johannesburg, will be welcoming six new members from January, South African President Cyril Ramaphosa announced on Thursday. Iran, Argentina, Egypt, Ethiopia, Saudi Arabia and the United Arab Emirates are joining the group of emerging countries, which aims to increase its influence in the world. The new BRICS group will control 80% of the world's oil production. In terms of economic power, these countries will account for 30% of the world's GDP, or more than 30,000 billion dollars. ![pic 6-Aug-28-2023-02-38-36-4297-PM](https://blog.syzgroup.com/hs-fs/hubfs/pic%206-Aug-28-2023-02-38-36-4297-PM.jpg?width=900&height=851&name=pic%206-Aug-28-2023-02-38-36-4297-PM.jpg) Source: Sprinter --- ##### Chart #7 — ## Two giants dominate the world of ETFs Exchange Traded Funds (ETFs) are enjoying great popularity. Blackrock and Vanguard together manage around $4.5 trillion, or almost 50% of the ETF industry's assets under management. The other half is spread across more than 2,000 other ETF issuers ![pic 7-Aug-28-2023-02-39-31-8222-PM](https://blog.syzgroup.com/hs-fs/hubfs/pic%207-Aug-28-2023-02-39-31-8222-PM.jpg?width=900&height=1129&name=pic%207-Aug-28-2023-02-39-31-8222-PM.jpg) Source: ETF Investments #### 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. 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