. >> cnbc's technology reporter arjun kharpal is joining me now. arjun, nvidia extending gains in the pre-market >> frank, blockbuster quarter. let's dig into the numbers and unpack revenue doubled year on year to $13.5 billion. higher than the forecast and market $2.70 a share for eps. 429% year on year rise, frank. no signs of slowing for the september company with revenue of $16 billion blowing away estimates and if met with 170% year on year rise. there are a few things driving this which is the data center with the graphic processing units in the data centers to train the a.i. workloads for applications like chatgpt. the data center business saw record revenue of $10.3 billion. there is a sweet spot nvidia is sitting in right now demand for the a.i.-related chips and the second is the supply tightness which is giving nvidia pricing power on top of that as well commanding a margin over 70% in the quarter. gaming business, which used to be the core business, remains strong with the growth despite the economic headwinds and concerns of a bad spot

would be the longest revenue losing streak going back to 2001 apple is down 2% in the pre-market arjun kharpal is in london with the latest on the story. arjun, how much is just about the iphone side of the business? we thought the growth side was services and that seems pretty good >> absolutely, dom the market wasn't expecting blockbuster earnings given the 50% run-up in the stock. they wanted apple to show stability. while eps and revenue were beats, but you mentioned the iphone number was in focus that is where the concern was. apple in the june quarter brought in $39.67 billion of revenue for apple. it was down 2% year on year. elsewhere, other hardware, mac and ipad, showing significant decline. uncertainty in the hardware space and consumer appetite as well the company has not given official guidance, but they expect revenue to fall again in september which raised more concern for investors. there are a couple of bright spots. the revenue up 8% in the june quarter year on year that is acceleration from the prior quarter. that is positive about the slowdown in services which has become a

arjun kharpal joining me now hard to imagine sales falling that much and the stocks go popping. >> certainlyvenue is down, the pc business is wark, data centers is weak. but there were two things. first the boring part. regions are stabilizing. they're expecting the glut to ease into the second half of the year the company forecasting double digits, sequential growth in the third quarter for its client and data center business and margins were up. the exciting reason was ai the word on every company's lips at this point. amd is locking to challenge nvidia with an upcoming chip called the mi300 coming out if q4, ramping up production, testing it with customers we heard on the earnings quarter. this is graphics processing unit it's similar to what nvidia is putting out in the market. these are chips that are able to process huge amounts of data to train these big ai applications as well. there's a lot riding on this chip as well lisa su, the ceo, saying the company is expecting growth in the second half of the year versus the first half in regard to the data business thanks much in part to thi

arjun kharpal joins us with the tech story arjun, it was a tough day and tech was at the tip of the spear. does it have legs to the downside >> dom, good morning tech is getting hit with a double whammy. fitch had the downgrade and the run-up in tech and if that can continue for the rest of the year there was an excuse here for profit taking. earnings have been a mixed picture. meta and alphabet did well and concern with microsoft and broader chip sector with a load of attention for qualcomm guidance which missed expectation. we have gone from a chip shortage to a chip glut and weak demand for the end products like smartphones and laptops. companies have too much inventory, i.e., too many chips. many signalled the second half of the year will see recovery, but qualcomm guidance has dlthrn that into doubt. the overall economy is an issue as well. >> arjun, you led me to it it is the main event as we gear up for amazon and apple after the closing bell today the stocks make up a large portion of the s&p and more on the nasdaq 100 what exactly are we going to expect after the closing bell fro

let's bring in arjun kharpal. >> good morning, frank. we have few details yet. we know a.r.m. will be listed on nasdaq under the ticker a.r.m. we don't have pricing yet. there are a number of reports that the company is valued at $70 billion. this is an important moment for a.r.m. and softbank which got the company for $32 billion. softbank is the biggest tech investor with the massive vision fund. it sustained heavy losses. this could be a chance to get new funds. for a.r.m., it is looking to ride the a.i. boom. it designed the blueprint for which other chips are based on. 90% of smartphones contain an a.r.m. chip. it is looking to data centers and pcs. whether it can achieve this, it will need to convince investors it has a role to play in a.i. a.r.m. says it is central to a.i. computing with the excitement with companies in nvidia. softbank has timed this to capitalize on that a.i. atmosphere. >> live in london, arjun, thank you. >>> more to come on "worldwide exchange," and the one word investors need to know today. first, s&p joins moody's taking the axe to a number of re

arjun kharpal joining us. >>> coming up on the show, we'll bring you the latest reaction for fitch's decision to downgrade united states. jane foley head of strategy joins us on the other side of this arjun, thank you for joining us. >>> welcome back to "street signs. i'm julianna tatelbaum. >> i'm arabile gumede. these are your headlines >> fitch slaps the u.s. with a sharp ratings downgrade, stripping it of its aaa rating, drawing anger from the white house and sending u.s. futures into the red billionaire investor discusses the impact with cnbc. >> i think from a longer term perspective, people are going to be expecting they've got to diversify their foldings away from the u.s. and also into equ equities that's the way to protect them. >>> markets fall to a two-year low. treasury yields tick lower as investors prepare for flight to safety. >>> shares in siemens health sink to the bottom of the stoxx 600 as diagnostics revenue takes a hit in the third quarter the company's cfo tells cnbc he's still confident despite some challenges. >> we saw some headwinds from foreign exchange ove