The US earnings season kicked off in April of this year, which saw over 3 500 companies reporting their earnings for the first quarter of 2023. Stubborn inflation, paired with one of the most aggressive hiking cycles by the US Federal Reserve in recent history, has made it a challenging environment for consumers, to say the least.
Reuters reported that the release of Nvidia’s results sparked nearly a $300 billion rally in AI stocks. Advanced Micro Devices rallied 10%, AI software maker C3.ai, and Palantir Technologies, who recently launched their own AI platform, soared by 8%. Microsoft, as well as Google parent Alphabet, both currently with their own generative AI applications, rose almost 2%.
Bank of America CEO, Brian Moynihan, also commended the current financial position of the consumer. With regards to the current tightening cycle of the Fed and bank regional bank failures, Moynihan reiterated the strength of the bank’s deposit base which ended the quarter at $1.9 trillion, 34% higher than pre-pandemic levels.
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