Nvidia-tall: – Verdens viktigste

Investor Robert Næss of Nordea states that Nvidia remains one of the world's most important companies, even after being labeled the world's most valuable company just weeks ago. Attention has been intense on the data processing company over the past week following revelations that CEO Jensen Huang had relationships with multiple employees and suspected Chinese spies.

Huang has stepped down from his position and interim CFO Colette Kress has taken over for now. Næss notes that Nvidia's third-quarter numbers have been steady for a while and are therefore not affected by the scandal. Many will follow the statements on expectations for 2028, with a projected 70% growth in revenue by then. However, many building data centers have announced delays and face much opposition, which could impact Nvidia's sales.

DNB Carnegie is following the Norwegian Bank's expectations survey for inflations and wage developments in Norway, released quarterly. The survey indicates that business leaders expect a 4.2% price increase next year, which could explain actual inflation. If the trend continues, Norges Bank may need to keep interest rates higher for a while.

DNB Carnegie is still waiting for the next central bank meeting on December 17, at which they expect the policy rate to stay unchanged at 4.5%. The survey alone is unlikely to alter the market's expectations, but there will be an inflation number before the December meeting, which is important. If the krone weakens and energy prices rise, the outlook could change, Fjære-Lindkjenn says.

From abroad, consumer data from the US is expected next week, likely weaker than previous months but unlikely to significantly impact the market as there have been other surprises from the US recently. Fjære-Lindkjenn notes a high probability of a double rate hike from the Fed, with a 10% chance. Besides a December rate hike, DNB Carnegie anticipates two more from the Bank of England in January and March 2027.

In Europe, the Bank of England will have more data to base their decisions on when the inflation numbers come out on October Wednesday. The Bank of England has been one of the last major central banks to begin raising rates. Fjære-Lindkjenn expects further price increases to reach 3.7%, while energy prices may take longer to show up in the numbers.

A fixed energy price system may delay the impact of energy prices on inflation figures. Fjære-Lindkjenn expects core inflation to reach 3%, so it's not surprising that interest rates are on the rise.