The Khmer-era sculptures are linked to an art dealer suspected of selling looted antiquities, authorities said
2 min
The Metropolitan Museum of Art has agreed to return 14 sculptures to Cambodia and two to Thailand, removing from its collection all Khmer-era artworks associated with an art dealer accused of selling antiquities illegally.
The Met said Friday it will temporarily display a selection of the 16 sculptures while arrangements are made for their repatriation. The works were made between the ninth and 14th centuries in the Angkorian period, the museum said. The Khmer empire ruled much of what is now Cambodia, Laos, Thailand and Vietnam from about 802 to 1431.
The sculptures are associated with art dealer Douglas Latchford, who was indicted in 2019 by the U.S. attorney’s office for the Southern District of New York, which said he orchestrated a multiyear scheme to sell looted Cambodian antiquities on the international art market. The indictment was dropped after Latchford’s death in 2020. Authorities later secured a $12 million civil forfeiture against his estate for stolen Southeast Asian antiquities they alleged Latchford had sold.
The Met said it cooperated with authorities in the U.S. and Cambodia following Latchford’s indictment and received information that made it clear the sculptures should be returned.
“The Met is pleased to enter into this agreement with the U.S. attorney’s office, and greatly values our open dialogue with Cambodia and Thailand,” said Max Hollein, the director and chief executive of the Met.
U.S. Attorney Damian Williams said in a statement Latchford was believed to have run “a vast antiquities trafficking network,” an allegation Latchford had denied. He urged cultural institutions and private collectors to remain vigilant about antiquity trafficking.
Many countries and cultures that were colonised have for decades asked institutions to return stolen artefacts. That effort has gained more traction in recent years, with many museums now openly acknowledging that some items in collections were gained through colonial exploitation and looting.
The Cambodian government in recent years has asked the Met and other museums to return artworks taken from their countries of origin under murky circumstances.
In 2013, the Met returned two 10th-century Cambodian stone statues, known as the “Kneeling Attendants,” which were also associated with Latchford. The statues were from the Koh Ker temple in the same province as the Angkor Wat temples. Officials said they believe they were stolen from the temple in the 1970s. The Met had acquired the statues from donors between 1987 and 1992, it said at the time.
One of the most high-profile repatriation efforts involves the Benin Bronzes, West African artefacts stolen more than a century ago from what is now Nigeria.
Roughly 3,000 to 5,000 artefacts were pillaged from the Kingdom of Benin by British soldiers in the late-19th century as the U.K. expanded its colonial empire in West Africa.
Many of the Benin Bronzes—a name used to cover a variety of artwork, including carved elephant tusks, brass plaques, and wooden heads—wound up in private collections and museums in Europe and the U.S. The Met returned three artefacts to Nigeria in 2021.
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Nvidia’s earnings will test Wall Street’s confidence in the AI boom.
3 min
Chip makers are fighting to assure investors that the artificial-intelligence boom is racing forward. Wall Street might not believe it until Nvidia’s NVDA -0.98%decrease; down pointing triangle Jensen Huang says so.
When Huang steps up to the mic for his company’s earnings call Wednesday, he will have the world’s attention. What he says about Nvidia’s present will preview the future of AI, dictate the path forward for a tech-crazed stock market and influence an American economy increasingly tethered to hopes that the boom won’t go bust.
The $5 trillion chip maker has provided the key building blocks for AI since the launch of ChatGPT in 2022 set off a race for dominance among OpenAI, Anthropic and established Silicon Valley giants. Now, as Nvidia backstops sprawling data-center projects and an exotic money pipeline to boost chip demand, the company’s influence is arguably bigger than ever.
But there are signs of trouble ahead. Political pushback to AI is growing. A bond selloff propelled borrowing costs to their highest levels in years. The hyperscalers that include some of Nvidia’s key customers—once cash-printing machines—are relying more on debt. OpenAI recently told investors its revenue rose by a tepid 18% in the second quarter while its losses deepened.
Nvidia is increasingly stepping in to shore up potential weak points across the market. Earlier this month, the company teamed up with six of Wall Street’s biggest firms on a $500 billion AI-financing plan, pledging to backstop lending to customers that can’t afford its chips otherwise. The chip maker last week also took a stake in Cloverleaf Infrastructure, which arranges power for data centers, and struck a $6 billion deal with startup Poolside aimed at developing a powerful open-weight AI model.
After watching shares in other chip makers and the so-called Magnificent Seven tech companies swing wildly in recent months, Wall Street is hoping Nvidia can beat expectations—again. The countdown is on.
“It’s kind of becoming more and more like the World Cup final than the Super Bowl at this point,” said Brian Mulberry, chief market strategist at Zacks Investment Management. “It’s just gotten to be that big.”
The company has smashed analysts’ earnings estimates for each of the 14 quarters since the AI boom kicked into high gear. Nvidia posted 210% annual growth in net income in its last three-month period, according to FactSet, making Wall Street’s 126% projection look pedestrian.
Expectations for a blowout second quarter have risen rapidly over the course of this year. All Nvidia will have to do to beat this target: outrun 95% annual earnings growth to more than $51.5 billion. Analysts project the chip maker will report record sales of $92 billion for the period, up from a forecast of $78 billion at the start of this year.
In July, big-tech earnings sparked volatility. Concerns about runaway capital spending spread across the sector after Alphabet’s and Tesla’s results, driving a $890 billion wipeout that contributed to the unwind of hedge fund Situational Awareness. Microsoft posted the largest one-day gain in market capitalization by any company, ever, after a quarter proving that it could still show investors the money. SpaceX rocketed higher after a record-breaking initial public offering, only to see $1 trillion in value evaporate.
Surging memory prices and borrowing costs have fueled fears that those and other companies will be unable to keep plowing more money into supplies including Nvidia chips. Shaia Hosseinzadeh, founder of OnyxPoint Global Management, has recently bought dips in AI-infrastructure stocks when Wall Street has strained to absorb massive debt issued by Silicon Valley.
“The macro data is really quite robust,” he said. “Of course, there’s a level at which everything breaks.”
Investors have kept pumping money into the AI trade despite concerns around chip consumers—and to the benefit of chip producers. That is why Nvidia’s outlook for semiconductor demand could send ripples through counterparts such as Micron Technology and Sandisk, developers of the data centers in which their chips reside, and a supply chain of power producers, contractors and other specialists that underpin the globe-spanning AI build-out.
“We joke internally that we’re all Nvidia analysts now,” said David Lefkowitz, head of U.S. equities at UBS Global Wealth Management.
The irony is that investors have tended to sell Nvidia stock immediately after blockbuster earnings, with shares falling each trading session after its four past quarterly reports. Some are betting that will be the case this time around, too.
The options market is pricing in a 5.3% swing, higher or lower, in Nvidia shares during the session following earnings, according to Option Research & Technology Services. That is higher than the 4.8% average move in Nvidia’s stock over the last 12 months after the company reports quarterly results.
In recent days, some of the most actively traded Nvidia options have been put contracts tied to the stock falling from its Friday value of $214.75 to $205 and $210 apiece, according to Cboe Global Markets data. Put options give the right to sell a stock by a set price and typically represent a bearish wager.
Many analysts remain optimistic. Frank Lee, global head of tech hardware and semiconductor research at HSBC Global Investment Research, recently raised his price target for Nvidia shares to $360 from $325, citing, among other things, Nvidia’s strategic partnerships with suppliers and its role as a top contributor to open-source AI.
