US stocks rise on faster economic growth despite Nvidia nerves – as it happened

Live coverage as US GDP figures show faster economic growth but Nvidia share price falls in after hours trading

Sainsbury's has said it will create 1,000 new UK jobs after reaching a deal to buy 10 Homebase stores to convert them to supermarkets.

The total investment, including buying the leases and spending on fitting them out, will be 130m, Sainsbury's said in a statement to the stock market.

Sainsbury's food business continues to go from strength to strength as we push ahead with our Next Level Sainsbury's plan. We have the best combination of value and quality in the market and that's winning us customers from all our key competitors and driving consistent growth in volume market share.

We want to build on this momentum which is why we are growing our supermarket footprint. Our ambition is to be customers' first choice for food and these new stores will showcase some of the best that Sainsbury's supermarkets have to offer to even more communities around the country.

Hopper demand remains strong and the company noted the Blackwell ramp was a key topic of discussion with expectations of several billion in revenue starting in 4Q - on time despite fears of more significant delays. The delay was fairly well understood already but the company did note a change to the Blackwell GPU mask to improve production yield.

Overall, AI spend levels won't be without a debate but the story is back on track with the Blackwell delay fears now in the rearview and several billion dollars of Blackwell layering onto continued growth in Hopper in the back half.

Whilst there is no question that the appetite for the company's product range remains strong, ahead of the delayed shipments of the latest chip design in Q4, expectations will change little following this release, likely taking a little hot air out of the stock as a result. However, with earnings set to more than double in this fiscal year and the valuation not excessive in light of this growth, there is something for both the stock bulls and the bears to sink their teeth into.