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Weekly review of the precious metals market for the week
– 2024-04-22 22:58:16
As a result of this week, the price of an ounce of gold in Azerbaijan increased by 47.0645 manats (1.17 percent). The weighted average cost of an ounce of gold increased by 55.6461 manat (1.4 percent) compared to last week, amounting to 4040.3662 manat, Day.Az reported on Saturday.
Change in the cost of an ounce of gold |
|||
April 8 |
3981,7145 |
April 15 |
4005,7610 |
April 9 |
3985,4715 |
April 16 |
4057,2115 |
April 10th |
3985,4715 |
April 17 |
4047,5385 |
11 April |
3985,4715 |
April 18th |
4038,4945 |
12th of April |
3985,4715 |
April 19 |
4052,8255 |
Average rate per week |
3984,7201 |
Average rate per week |
4040,3662 |
This week, the price of an ounce of silver in Azerbaijan increased by 0.0686 manat, or 0.14 percent. The weighted average cost of an ounce of silver amounted to 48.2664 manat, which is 2.2 percent, or 1.0373 manat more than last week.
Change in the cost of an ounce of silver |
|||
April 8 |
47,2583 |
April 15 |
47,9761 |
April 9 |
47,2218 |
April 16 |
48,9532 |
April 10th |
47,2218 |
April 17 |
48,0140 |
11 April |
47,2218 |
April 18th |
48,3442 |
12th of April |
47,2218 |
April 19 |
48,0447 |
Average rate per week |
47,2291 |
Average rate per week |
48,2664 |
The price of an ounce of platinum in Azerbaijan this week decreased by 56.4145 manats, or 3.41 percent. The weighted average cost of an ounce of platinum decreased compared to last week by 24.939 manats (1.51 percent) – to 1622.9441 manats.
Change in the cost of an ounce of platinum |
|||
April 8 |
1585,8535 |
April 15 |
1653,5050 |
April 9 |
1663,3905 |
April 16 |
1649,3485 |
April 10th |
1663,3905 |
April 17 |
1619,2415 |
11 April |
1663,3905 |
April 18th |
1595,5350 |
12th of April |
1663,3905 |
April 19 |
1597,0905 |
Average rate per week |
1647,8831 |
Average rate per week |
1622,9441 |
During the week, the price per ounce of palladium in Azerbaijan decreased by 43.2905 manats (2.43 percent). The weighted average cost of an ounce of palladium decreased by 1.72 percent, or 30.651 manat, compared to last week, amounting to 1,751.8653 manat.
Change in the cost of an ounce of palladium |
|||
April 8 |
1714,4075 |
April 15 |
1780,5120 |
April 9 |
1799,5435 |
April 16 |
1751,1785 |
April 10th |
1799,5435 |
April 17 |
1735,3005 |
11 April |
1799,5435 |
April 18th |
1755,1140 |
12th of April |
1799,5435 |
April 19 |
1737,2215 |
Average rate per week |
1782,5163 |
Average rate per week |
1751,8653 |
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Weekly review of the precious metals market for the week – 2024-04-22 22:58:16
Tech Giants Brace for Earnings as Generative AI Rush Raises Concerns
The Increasing Role of Generative AI in Tech Giants’ Strategies
Sundar Pichai Highlights Use of Generative AI at Stanford Forum
During Stanford’s 2024 Business, Government, and Society forum, Sundar Pichai, the chief executive officer of Alphabet Inc., emphasized the significance of generative artificial intelligence (AI) in the tech industry. Pichai’s remarks came as numerous tech giants are rushing to integrate generative AI technologies into their product portfolios to stay competitive in a market expected to reach over $1 trillion in revenue within the next decade.
Image: Sundar Pichai, chief executive officer of Alphabet Inc., during Stanford’s 2024 Business, Government, and Society forum in Stanford, California, US, on Wednesday, April 3, 2024.
Stock Market Reaction to Generative AI and Tech Giants
The increasing investment in generative AI by tech companies has triggered concerns among investors about a potential tech selloff. Wall Street witnessed a sharp decline, with the tech-heavy Nasdaq Composite dropping by 5.5% in the past week, the largest weekly decline since November 2022. Companies heavily involved in AI, like Nvidia, experienced a significant decline in stock prices, with a 14% decrease driving the market slide.
“Whether this tech selloff continues, I think really depends on how the mega-cap tech reports,” said King Lip, chief strategist at BakerAvenue Wealth Management, in an interview with CNBC’s “Closing Bell” on Monday. “Valuations have definitely been more reasonable now, now that we’ve had a little bit of a correction.”
Challenging Tech Earnings Season Ahead with Tesla, Meta, Alphabet, and Microsoft
Tesla Grapples with Sales Decline and Internal Challenges
Tesla, the electric vehicle maker led by Elon Musk, faces a potential decline in sales, anticipated to be around 5%. If this happens, it would mark the first year-over-year revenue drop since the disruptions caused by the Covid pandemic in 2020. Tesla’s earnings report follows a series of setbacks, including a bruising quarterly deliveries report, price cuts on vehicles and premium driver assistance systems, layoffs, and executive departures.
Image: A Tesla Cybertruck sits on a lot at a Tesla dealership on April 15, 2024 in Austin, Texas.
Meta Faces Challenges in VR and AI, with Ambitious AI Initiative
Meta, formerly known as Facebook, expects a quarterly loss of over $4 billion in its Reality Labs division, which focuses on virtual reality technologies for the metaverse. Additionally, Meta launched Meta AI, its largest-ever AI initiative, which directly competes with OpenAI’s ChatGPT and Google’s Gemini. However, Meta AI has faced controversy, including the AI assistant’s involvement in a private parents’ group and other cases where it made dubious claims.
Alphabet’s Restructuring Strategies and Call for AI Focus
Alphabet, the parent company of Google, initiated a restructuring of its finance department, including layoffs and relocations, as the company prioritizes AI development. The company simultaneously terminated 28 employees due to protests and opposition, highlighting its commitment to keep company issues separate from personal or political debates. With a focus on AI, Alphabet aims to strengthen its position in the growing market and exceed the expectations of investors.
Image: Sundar Pichai, chief executive officer of Alphabet Inc., during Stanford’s 2024 Business, Government, and Society forum in Stanford, California, US, on Wednesday, April 3, 2024.
Microsoft’s Continued Focus on AI and Potential Challenges
Microsoft, a key player in AI, narrowly avoided an antitrust probe by the European Union regarding its partnership with OpenAI. The company has heavily invested in AI startups and established itself as a leader in the industry. Despite its ascent to a market cap of $3 trillion, there are concerns about potential weaknesses, particularly in its small and medium-sized business customer base, causing potential risks to future growth.
Image: Microsoft CEO Satya Nadella (R) speaks as OpenAI CEO Sam Altman (L) looks on during the OpenAI DevDay event on November 06, 2023 in San Francisco, California.
Tech Giants Brace for Earnings as Generative AI Rush Raises Concerns