Good morning. Traders shrug at lackluster Nvidia forecast. Corporate America is on a buyback binge. And coffee drinkers will soon shell out even more for their morning cup. Listen to the day’s top stories.
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Nvidia may not have delivered the earnings fireworks some investors wanted, but markets grinned and bore it. Even if the stock’s late dip sticks, it barely makes a dent, Bloomberg Opinion’s John Authers notes. CEO Jensen Huang was upbeat, forecasting as much as $4 trillion in AI infrastructure spending by 2030—and that’s not counting China. The company also reckons President Donald Trump’s plan to skim 15% off China AI chip revenue could face legal challenges.
Rapprochement. Trump’s trade war with China is pushing Bejing closer to India. China’s quiet outreach has gained momentum since March, when Xi Jinping wrote a letter to his Indian counterpart expressing concern about US deals that could hurt his country’s interests. Prime Minister Narendra Modi has welcomed the thaw as he prepares for his first visit to China in seven years this weekend. Here’s why India increasingly needs China, and vice versa.
Big on Japan. Warren Buffett’s Berkshire Hathaway has increased its stakes in Japanese trading houses Mitsubishi and Mitsui, a vote of confidence in the sector. Buffett first revealed his liking for the Sogo Shosha in late 2020. Since then, they’ve become a valuable Trump hedge.
A statue of the Danish missionary Hans Egede overlooking the city of Nuuk, Greenland. Photographer: Juliette Pavy/Bloomberg
The State Department sought to distance itself from reports that at least three Americans with links to Trump traveled to Greenland to get it to secede from Denmark. They allegedly gathered information about local Trump supporters as part of a campaign to convince the island’s residents to back a US takeover, Danish broadcaster DR reported. Trump is dead set on taking control of the territory despite opposition from Greenlanders and Danes.
Rwanda received its first group of migrants deported from the US, making good on a controversial deal it struck with the Trump administration. The East African nation announced this month it would take as many as 250 deportees from the US, providing them with training, health care and accommodation. Read more on why Trump is deporting migrants to “third countries.”
Deep Dive: Buyback Binge
Corporate America is on a historic buyback binge. As of Aug. 20, US companies had announced more than $1 trillion in share repurchases this year, the fastest pace on record. And Birinyi Associates expects the momentum to continue through year-end.
They may be a winner with shareholders, but not everyone’s a fan. Treasury Secretary Scott Bessent recently chastised Boeing for spending massively on shares instead of investing in research and development, sentiments also voiced by Japan’s government, which called on companies to find better ways to use money.
The Big Take
A Picker rushes to package an order for 10 minute delivery at a Flipkart dark store at Panathur in Bengaluru, India. Photographer: Sameer Raichur/Bloomberg
India is making one of the boldest bets in modern retail: delivering almost anything to your doorstep in less than 10 minutes. With its dense cities, low labor costs and more than 730 million digital-first Gen Z and millennial consumers accustomed to instant services, it may be the one place where rapid delivery can finally scale.
Opinion
Nvidia CEO Jensen Huang. Photographer: Na Bian/Bloomberg
Nvidia can’t hide the fact that the US is behaving erratically with its demand for a cut of sales, Dave Lee writes. Jensen Huang didn’t say it directly, but his clear message is if Trump wants to support America’s hottest company, the most helpful thing to do would be to get out of the way.
Can’t catch a break. Coffee drinkers already shelling out more for their morning jolt can expect extra price hikes due to tariffs. Shipments to the US from Brazil are facing levies of 50%, adding to the pressure on roasters to
