Welcome to Markets Desk, here's what's moving markets right now.
Nvidia is taking a serious hit in after-hours trading, down nearly nine percent, and the pressure isn't coming from earnings — it's coming from the executive suite. The company's chief executive Jensen Huang is at the center of a widening U.S. federal probe into partner firm Megaspeed, which allegedly funneled billions of dollars worth of restricted Nvidia chips into China. Reports of an affair between Huang and a Megaspeed executive have added a personal dimension to what is now a significant governance and geopolitical crisis for the world's most valuable chipmaker.
Turning to crypto, BitMine reported a staggering two point eight billion dollar quarterly profit, almost entirely driven by unrealized gains on Ethereum holdings. But the headline masks a deeper problem — the company's full-year net loss now surpasses six billion dollars, and operating cash outflow hit nearly seventeen and a half million dollars in the same period. Unrealized gains look impressive on paper; they don't pay the bills.
And in aviation, British Airways is shutting down BA City Flyer after roughly ten years of operation. The regional subsidiary was built to anchor British Airways at London City Airport following the sale of BA Connect to Flybe. Its closure marks the end of that regional strategy entirely.
That's the tape. Markets Desk, signing off the floor.
