Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action news and analysis.

Good afternoon, today's Thursday, October 3rd, and I'm your host Kim Khan.

Our top story so far.

Invidia CEO Jensen Wong says demand for its latest GPU Blackwell remains on track.

Blackwell is in full production, and demand for Blackwell is in full production and demand for Blackwell is insane.

Everybody wants to have the most and everybody wants to be the first, he said on

CNBC. The Blackwell GPUs are already being released to data centers and industrial customers for artificial intelligence applications.

They will be available for consumers in 2025.

He added, the thing that we have done with Blackwell and what we have announced is that there is new AI infrastructure generation every year.

So we're updating our platform every single year.

If we can increase the performance like we've done with Hopper and Blackwell,

we're effectively increasing the revenue and throughput for our customers on these infrastructures

by a couple to three times each year.

Hyperscalers are expected to spend about 160 billion dollars in 2024 on AI infrastructure.

Every frontier large language model requires many times more computing power than the prior one.

At a time when technology is moving so fast, it gives us an opportunity to triple down and really

to drive the innovation cycle so that we can increase capabilities, increase our throughput, decrease our cost, decrease our energy consumption,"

Hwang said.

In today's trading, crude oil futures are rallying more than 5% as President Joe Biden, when asked by a reporter if he would support Israel striking around's oil facilities, said that option is being discussed. City analysts said that a major strike by Israel

and Iran's export capacity could take one and a half million barrels per day of

supply off the market and an attack on relatively minor infrastructure such

as downstream assets could take out 300 to 450,000 barrels per day.

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