Wistron Opens $700M Texas AI Factory to Build Nvidia Superchips in U.S. 
Lockheed Martin Unveils Lower-Cost Patriot ACE Interceptor to Meet Rising Air Defense Demand 
Macquarie Names Greg Ward as CEO, Signaling Stability and Strategic Continuity 
Nvidia Reveals 9.3% Stake in AI Cloud Firm Nebius Following $2 Billion Investment 
OpenAI Australia Data Center Switches Cooling Strategy After Recycled Water Plan Fails 
TSMC Sees Multi-Year AI Chip Demand as Arizona Expansion Reaches $265 Billion 
AI Chip Stocks Face Valuation Pressure as Investors Shift Toward Big Tech and Software 
ASML Trillion-Dollar Valuation: Can Europe’s AI Chip Giant Reach the Historic Milestone? 
Wistron Opens $700M Texas AI Factory to Build Nvidia GB300 Superchips 
Judge Approves Anthropic’s $1.5 Billion AI Copyright Settlement With Authors 
GM Q2 Earnings Beat Estimates as General Motors Raises 2026 Profit Outlook 
Morgan Stanley Downgrades Adobe, Workday as AI Transition Raises Growth Concerns 
Australia ASIC Tightens Auditor Oversight After KPMG Leak Scandal 
Alphabet Q2 Earnings Beat Estimates as AI Spending, Google Cloud Growth Fuel Outlook 
Scandinavian Tobacco Group Sells BREAK and Moro Brands to Japan Tobacco for €176 Million 
SpaceX Aborts Starship Test Flight as Engine Issue Delays Launch 
Bank of America Says These Overlooked AI Stocks Could Be the Next Winners 
Nvidia's stock surged on Wednesday, propelling its valuation past $3 trillion and surpassing Apple as the world's second most valuable company.
Nvidia’s $3 Trillion Milestone Surpasses Apple’s Valuation
On Wednesday, Nvidia's stock price soared to new heights, driving the artificial intelligence chipmaker's valuation beyond $3 trillion and making it the second most valuable corporation in the world, behind only Apple.
As reported by Reuters, Nvidia is getting ready to divide its stock in half, which might make it more appealing to individual investors, starting on June 7.
With a 5.2% increase, Nvidia's shares ended the day valued at $3.012 trillion. Apple's shares rose 0.8%, bringing the company's market valuation to $3.003 trillion.
AI Race Intensifies: Nvidia, Microsoft, and Alphabet Lead
As companies like Microsoft, Meta Platforms, and Alphabet (owner of Google) scramble to develop their artificial intelligence computing skills and control the new technology, Nvidia's stock has increased by 147% so far in 2024. It has gained roughly 30% in the time since Nvidia's most recent revenue projections on May 22.
Earlier this week, Nvidia CEO Jensen Huang—who was born and raised in Taipei before migrating to the US—was swarmed by fans and television cameras during his visit to the Computex technology trade show in Taipei, according to MSN.
AI Excitement Boosts Nvidia, Challenges Apple
Nvidia is riding high on the AI excitement on Wall Street, while Apple is fighting an uphill battle in China, the largest smartphone market in the world, due to low demand and fierce competition. As rival tech giants hastily incorporate AI capabilities into their goods and services, some investors see Apple as falling behind.
Nvidia's stock has soared, but analysts' expectations for the company's future profits have overtaken it. According to LSEG statistics, compared to a year ago, when it was trading at more than 70 times predicted earnings, Nvidia is now trading at 39 times, making it a more affordable stock.
On Wednesday, chip stocks were bolstered broadly by confidence in AI, sending the PHLX chip index surging 4.5%. Super Micro Computer, a vendor of Nvidia-powered AI-optimized servers, had a 4% increase in stock price.
