Nvidia Briefly Worth $1 Trillion Thanks to AI Boom - BBC News

May 31, 2023 | Nvidia briefly joined the elite club of US companies worth more than $1 trillion for at least a few hours thanks to AI boom. Chip maker Nvidia briefly joined the ranks as its share price shot up more than 5% before retreating. Shares had already jumped more than 25% last week after the company forecast "surging demand" due to advances in artificial intelligence (AI).

UK Prepares for Recession amid Rising Interest Rates

May 26, 2023 | Owning a home is getting more expensive as lenders begin putting up mortgage rates, spooked by stubbornly high inflation figures.

Hunt Will Back More Interest Rate Rises Even If It Pushes UK [in]to Recession

THE GUARDIAN: Chancellor to support Bank of England’s decisions because ‘inflation is a source of instability’

Jeremy Hunt said he will back further interest rate rises by the Bank of England, even if it risks plunging the UK into recession, in order to combat soaring inflation.

The chancellor’s comments come after figures this week showed annual inflation in April was higher than expected at 8.7%, raising the prospect of a 13th interest rate rise by the Bank of England. Markets are now predicting that interest rates could climb to 5.5% by the end of the year, up from their current level of 4.5%, putting further pressure on borrowers and the housing market. » | Kalyeena Makortoff | Friday, May 26, 2023

Bank of England Raises UK Interest Rates to 4.5%

THE GUARDIAN: Latest 0.25 point hike marks 12th rise in a row as Bank battles stubbornly high inflation

The Bank of England has raised interest rates by a quarter of a percentage point to 4.5% amid growing concerns about persistently high inflation in the UK.

The Bank’s monetary policy committee voted by a majority for a 12th successive increase in borrowing costs, continuing its most aggressive rate-hiking cycle since the 1980s in an attempt to dampen UK inflation which remains in double digits.

UK rates are at the highest level since October 2008, when the global economy was in the grips of the financial crisis. » | Richard Partington | Thursday, May 11, 2023