Myer’s profit tumbles; furore over PM’s speech; Kimmel returns
Published: September 23, 2025
Myer’s profit tumbles; furore over PM’s speech; Kimmel returns
News in brief
The fallout from Australia’s decision to recognise Palestinian statehood, including a snub for Prime Minister Anthony Albanese from Donald Trump, has sparked a bitter dispute between the coalition and the ALP on foreign policy – an area where traditionally bother parties work together.
Climate Change and Energy Minister Chris Bowen said climate denialism is still alive in the world but has taken on different forms. Speaking at a New York Climate Week event on the sidelines of the UN General Assembly, Bowen said one new form of climate denial is “all-too-hardism."
US President Donald Trump yesterday said doctors in the US will soon be advised not to prescribe the pain reliever Tylenol to pregnant women, citing a disputed link between the drug and autism. The TGA in Australia released a statement following the announcement saying paracetamol remains a pregnancy category A drug, meaning it is considered safe to use in pregnancy.
Nvidia and its boss Jensen Huang have become kingmakers on Wall Street. Yesterday Huang announced Nvidia had agreed to invest $US100 billion into OpenAI to help it build and deploy at least 10 gigawatts of Nvidia systems to create the next generation of AI models. Last week he said Nvidia would invest $US5 billion into archrival, Intel, as part of the deal where the two companies will sell products to each other.
US comedian Jimmy Kimmel is returning to his late-night talk show after he was suspended for making jokes relating to the death of conservative influencer Charlie Kirk. Disney, which owns the US broadcast network that airs Jimmy Kimmel Live, said it suspended the show because it "felt some of the comments were ill-timed and thus insensitive."
Fear-o-meter
Nvidia’s promise to plough $US100 billion in Open AI in coming years so it can buy Nvidia’s chips has a worrying tone to it. The same tone was heard last week when Nvidia said it would spend $US5 billion buying a stake in Intel, as part of a deal where Intel bough Nvidia chips.
It seems to be a case, or two cases, of 1+1=3. In investing that never actually happens.
Huang understands that momentum is with Nvidia. Keep the announcements rolling out, and the promise of hundreds of millions of dollars of chip sales, and investors will follow. And they have. Nvidia is now worth $US4.5 trillion.
But is buying into a company so they can spend money on your products a good investment? It seems a little circular and it is hard to see where the extra value is coming from, which is needed to justify the surging share prices.
Fear & Greed Q+A today
On Myer's tumbling profit and share price, and the broader challenges for the department store when other discretionary retailers are showing growth:
"You know, it used to be that you got dressed up and you went to David Jones and Myer in the city and that was a big day out, and you spent the whole day browsing all of the brands that they had in those stores. But consumers now can find all those brands themselves. They can find them online. They can get them delivered, if not the same day, the next day or the day after, even from overseas.
And younger shoppers are prioritising those online platforms because of the convenience and the vast selection that's available to them. Then of course, you've got the physical stores themselves, large department store footprints, like Myer, they've got huge fixed costs associated with them. The rent, the staff.
And then of course department stores - and this is why I've commented in the past that they're walking dinosaurs - they risk losing relevance because how do they differentiate themselves? They're reliant on legacy brands, they're slower to adapt, fashion is very fast changing and it's very difficult for them to keep up."
It's Wednesday, the 24th of September 2025. Myer’s share price tumbled 25 per cent yesterday after the department store announced a 30 per cent drop in profit. The biggest drag on Myer’s profit was Apparel Brands – a portfolio of retailers including Just Jeans, Portmans, Dotti, Jay Jays and Jacqui E – that the group acquired from Solomon Lew’s Premier Brands earlier in the year. It wasn’t the only weak spot with Myer’s distribution centres causing headaches, and there’s also been a jump in theft and aggressive behaviour in its stores.
Greed-o-meter
| AI | 2024 share | 2025 share |
|---|---|---|
| ChatGPT | 87% | 76% |
| Gemini | 7% | 11% |
| Perplexity | 2% | 2% |
| Claude | 2% | 2% |
| Copilot | 1% | 1% |
| Deepseek | – | 4% |
| Grok | – | 2% |
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Google's Gemini AI platform is gaining market share - but is still a long way behind leader ChatGPT. Since ChatGPT's launch in 2022, its main use has changed - in 2022, the largest chunk of prompts were work-related at 47pc. Now work-related queries make up just 27pc of prompts, sitting behind practical guidance (eg schoolwork and workouts) at 28pc.
Listen to today's episode 🎧
Source: Similarweb, reported in Prof G Markets newsletter
Business By Numbers
The top 3 numbers to know for the week, brought to you by Xero
25pc: how much Myer’s share price fell after a disastrous full year profit.
$US2 trillion: the amount of money being spent on renewable energy globally.
$US3749.27 an ounce: the new record set by the price of gold yesterday.