Greggs, the beloved British bakery chain, recently announced record-breaking revenues of £2.01 billion ($2.57 billion) for the year, a significant milestone that highlights its continued dominance in the UK high street. Despite the impressive sales figures, which reflect a strong demand for the bakery’s classic offerings like sausage rolls, pizza, and breakfast sandwiches, the company’s shares have dropped by 15% since the end of February. This decline came as a surprise to many, especially considering the company's robust financial performance.

Along with its record sales, Greggs reported a pre-tax profit of approximately £204 million for the year. This allowed the company to reward its dedicated long-serving employees with £20.5 million in bonuses, demonstrating its commitment to staff welfare. However, the stock took a hit after the CEO noted that the macroeconomic environment remains "tough," and the company pointed to “challenging weather conditions” as a factor behind slower-than-expected sales growth in 2024. This has been a recurring theme for Greggs in recent years—achieving significant milestones, but facing setbacks that keep the stock from soaring consistently.

Despite the occasional bumps in the road, Greggs continues to innovate, offering new and exciting products alongside its traditional favorites. Its viral Mac & Cheese, for instance, has garnered plenty of attention. Yet, the company’s iconic sausage roll remains the undisputed star of its extensive menu. While Greggs doesn’t break down the exact revenue from specific items, a company spokesperson shared with the BBC that savory bakes account for about a third of its overall sales. Even with the recent controversial five-pence price hikes, Greggs' sausage rolls continue to be the bestsellers, with the chain previously selling as many as 2.5 million each week.

This enduring popularity of Greggs' sausage rolls is remarkable, especially considering the company's evolution over the years. Nine years ago, when its revenue stood at £894 million, Greggs didn’t even offer a vegan version of its sausage roll. Now, the bakery chain has transformed itself into a major player in the fast food sector, with an extensive range of products catering to all tastes. Meanwhile, a unique AI-driven study, known as the Greggs-Pret Index, has used data to explore how the chain’s success reflects broader socio-economic divides between the north and south of the UK.

Bitcoin has experienced a notable rebound, climbing back above the $90,000 mark, as investors speculate on the potential announcements to be made at the White House Crypto Summit on March 7.

The digital currency has gained over 8% in the last 24 hours, leaving it within striking distance of the coveted $100,000 milestone. The surge in Bitcoin’s price follows a period of volatility, having dipped below $82,000 just two days ago amid a broader market crash triggered by tariff concerns.

The recent recovery can be attributed to a combination of factors, including the improved risk sentiment in the wake of former President Trump’s temporary one-month reprieve from tariffs on automakers. This reprieve has helped alleviate some pressure on markets and may be contributing to the positive momentum for Bitcoin. Despite the recent uptick, investors are closely watching the upcoming summit, where policymakers, regulators, and industry leaders will discuss the future of cryptocurrency.

With the crypto market facing growing scrutiny, the summit on March 7 has become a key event for both industry stakeholders and market participants. Speculation is mounting that the Trump administration may unveil significant strategies, such as a U.S. crypto reserve, which could have a major impact on the future direction of digital assets. Investors are particularly eager to see how these developments might shape the regulatory landscape and influence the value of Bitcoin and other cryptocurrencies in the near future.

Marvell Technology (MRVL) saw a significant drop in its stock price after releasing its fourth-quarter earnings on Wednesday, causing a ripple effect across the semiconductor sector.

Despite posting results that were modestly better than expected, with earnings and revenues surpassing estimates by 1.5% and 1.3%, respectively, the company's stock plummeted by nearly 20%. This sharp decline came as a surprise, given that its previous quarter had exceeded expectations by more substantial margins—5.9% for earnings and 4.3% for revenue.

Analysts from Bloomberg Intelligence noted that while Marvell’s quarterly figures were solid, they failed to meet the high expectations set for AI semiconductor companies. "These results, while positive, might disappoint when compared to the typical sizable beat and raises expected from AI-focused chipmakers," said analysts Kunjan Sobhani and Oscar Hernandez Tejada. This sentiment likely contributed to the market’s negative reaction, as investors were hoping for more dramatic growth in a sector that has been experiencing a boom in demand due to artificial intelligence.

Marvell, which has carved out a niche in the AI space by creating custom chips for companies like Amazon, has been closely tied to the industry's rapid expansion. However, despite its role in the growing AI market, its latest performance failed to inspire confidence in investors. This disappointment had a ripple effect on other major players in the sector, particularly Broadcom (AVGO) and Nvidia (NVDA). Broadcom, which also produces customized chips for AI, saw its stock drop nearly 5% in premarket trading, ahead of its earnings report due Thursday. Nvidia, another major player in AI semiconductor development, saw its stock decline by about 3%.

Adding to the pressure on U.S.-based chipmakers was the announcement from Alibaba (BABA) of a new open-source AI model, QwQ-32B, which claims to match the performance of DeepSeek's R1 model while using fewer resources. This new development highlights the increasing competition in the AI space from companies that are able to produce high-performance models without the massive capital expenditures associated with hyperscale tech companies. The release of this model underscores the intensifying pressures faced by leading chipmakers, who are now grappling with both market expectations and rising competition from overseas.

Alibaba's stock saw a notable surge of nearly 4% in premarket trading and maintained a 2% increase after the company unveiled its latest AI model, QwQ-32B, following the close of US markets yesterday.

The new model has impressed many by matching the capabilities of DeepSeek-R1 while requiring significantly less computational power. This release comes on the heels of Alibaba's stock rising 7% the previous day, following a reaffirmation from China regarding its focus on boosting domestic consumption and prioritizing the retail sector. As a leading player in e-commerce, Alibaba continues to make waves with its innovative ventures in artificial intelligence.

The QwQ-32B model, Alibaba’s latest open-source release, is positioned to challenge the notion that AI models must grow in size and cost to stay competitive. By matching the performance of DeepSeek-R1 with reduced computational requirements, Alibaba has highlighted the potential for more efficient and cost-effective AI solutions. This development signals a shift in the industry, where larger models that demand vast resources are no longer seen as the only path to superior performance.

With the release of QwQ-32B, Alibaba is positioning itself as a strong player in the AI space, potentially reshaping industry expectations. The introduction of cheaper, open-source AI models like this one could bring significant changes to the competitive landscape. By offering high-performance AI at lower computational costs, Alibaba's move may exert downward pressure on an industry that has struggled with the high costs of AI development, especially as companies seek to manage increasingly expensive investments in the field.

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