The bidding war for Warner Brothers Discovery begins

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• 00:02

  Good morning from the Financial Times.

• 00:04

  Today is Thursday, November 20th, and this is your FT News Briefing.

• 00:08

  Nvidia released another splashy earnings report, and the bidding war for Warner Bros.

• 00:13

  Discovery officially kicks off today.

• 00:16

  Plus, critics say that China's growth numbers don't quite add up.

• 00:20

  We'll explain why.

• 00:22

  I'm Mark Filipino, and here's the news you need to start your day.

• 00:33

  News about the AI sector has been pretty gloomy lately,

• 00:37

  but big tech investors saw a ray of sunshine yesterday.

• 00:40

  NVIDIA reported that sales of its chips grew even faster than Wall Street expected last quarter,

• 00:45

  and its revenue forecast for the current quarter was well above estimates.

• 00:50

  NVIDIA shares were higher in after hours trading.

• 00:53

  They were down 11% from their peak in early November before the earnings report came out.

• 00:58

  NVIDIA's results are a bellwether for the health of the AI sector.

• 01:02

  That's because it's advanced chips power important models like chatGPT.

• 01:07

  The earnings report could help soothe investor worries about massive valuations of big U.S.

• 01:12

  tech groups and all the money those companies are spending on chips and data centers.

• 01:23

  For the fourth time

• 01:24

  since September Paramount's chief executive David Ellison is making a bid to buy Warner Brothers Discovery But this time he has some competition and this bidding war has been described as paramounts to lose Here to tell us more as the FT's James Fontenelle Kahn our US finance editor.

• 01:41

  Hey James.

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