Nvidia has surpassed Microsoft and Apple as the world’s most valuable publicly traded company due to explosive share price growth driven by demand for its chips and artificial intelligence. The company’s shares rose to $135.58, giving it a market capitalization of $3.335 trillion, overtaking the tech giants in American stock markets. Nvidia’s rebound from a $300 billion company to a tech powerhouse has surprised many observers.
In other news today, Federal Reserve Bank officials will speak, the Bank of Canada will release meeting minutes, economic data on jobless claims and housing starts will be reported, and Argentina will publish trade balance data. Elon Musk will attend an advertising festival in Cannes, Kroger will report earnings, and the US will commemorate Juneteenth.
Tech giants like Google are increasing security screenings due to concerns about Chinese espionage, but there are also worries about rising xenophobia in American tech companies. Israel has approved plans for an offensive in Lebanon amid tensions with Hezbollah, and Putin thanked Kim Jong Un for support in Moscow’s war in Ukraine. UK inflation has hit the Bank of England’s target for the first time in three years.
Ecuador is suspending a visa waiver agreement with China due to an increase in arrivals on a migration route to the US. Millions of Americans are still buying combustion engine cars over electric vehicles due to high prices and anxiety about range and infrastructure. The EU must prepare for radical change or risk falling behind the US and China.
Diageo sold its stake in Guinness Nigeria to Tolaram, and the debate over remote work continues. Industrial policy is becoming more prevalent globally, requiring careful decision-making by politicians. A look back at Willie Mays’s legendary baseball career.
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Article Source
https://www.ft.com/content/d9a8ecc8-b170-4c3f-99c0-9070f0590d3c
