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Live news: China’s rise, energy cuts and DPC investigation

Good morning and welcome to businesspost.ie this Wednesday morning. A lot has happened already this morning, and we’re here all day long to keep you up to date with the latest developments in business, technology and current affairs.

08.50 Nvidia’s recovery continues


Photo: David Paul Morris

Nvidia shares continued their recent rally for a third day as Elon Musk fueled the artificial intelligence frenzy by accelerating his OpenAI challenge, extending a post-earnings rally that added about $470 billion (433 billion euros) to the chipmaker’s market capitalization.

Nvidia shares rose on Tuesday after Musk’s artificial intelligence startup, xAI, raised $6 billion from investors. The Information reports that Musk intends to combine groups of Nvidia H100 graphics processors to build an xAI supercomputer.

Business editor Lorcan Allen delved into Nvidia’s latest results earlier this week. You can read his analysis here.

08.20 DPC launches HSE probe

The data protection watchdog has launched an investigation into the HSE over data breaches.

The Data Protection Commission (DPC) said it had been notified by the HSE of the breaches.

In a statement, the DPC said the investigation concerned paper records containing personal data held by the HSE in external storage facilities.

“The violations reported to the DPC concerned two specific locations that unauthorized third parties had access to and the dissemination of videos recorded from these locations showing paper medical records located in these facilities,” the regulator said.

The announcement follows the publication of DPC’s annual report and the regulator’s call for more funding.

Donal MacNamee, business journalist of the year, met Dale Sunderland, one of the two newly appointed heads of DPC, to discuss his work.

08.15 The IMF raises its growth forecasts for China

The International Monetary Fund now expects China’s economy to grow 5 percent this year, raising its forecast from 4.6 percent a few weeks ago to reflect strong expansion in early 2024 and additional government support.

According to a press release published on Wednesday, the Fund expects this momentum to continue, raising its gross domestic product forecast for next year to 4.5% from 4.1%. China plans to grow around 5 percent this year. It posted a better-than-expected expansion of 5.3 percent in the first quarter, although the long-term decline in home prices continues to weigh on domestic demand.

Reuters provides full details on the IMF update.

08/10 SSE Airtricity cuts will trigger a new wave of price cuts

Good news for consumers this morning as SSE Airticity announced a new wave of price cuts.

And there’s even more. Darragh Cassidy of bonkers.ie, a price comparison website, forecast the reaction of SSE’s competitors, meaning there could be a new round of energy cost cuts in the coming weeks.

Cassidy cautioned, however, that prices are unlikely to return to the levels we were once accustomed to.

Eoin O’Hare’s full report can be found here.