Investing.com -- U.S. financial markets are due to be closed for the Juneteenth holiday on Wednesday, potentially limiting trading activity a day after Nvidia to become the world's most valuable company. Meanwhile, Federal Reserve Governor Adriana Kugler says the central bank could slash interest rates if economic conditions continue to move in the"right direction.
Once known as a manufacturer of chips optimized for the gaming community worth around $300 billion, Nvidia has evolved over the last two years into one of the figureheads of soaring enthusiasm around the capabilities of AI. Chief Executive Jensen Huang has said Nvidia is at the heart of a new"industrial revolution" that could fundamentally alter the global economy.
But she noted that she believes interest rates -- currently at a more than two-decade high of 5.25% to 5.50% -- are at a"sufficiently restrictive" level to ease economic activity and cool inflation. The group, which is owned by British private equity firm Permira, added that these trends had impacted the luxury sector in particular.
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