news report: June 6 2024

Nvidia Becomes the Second Company Ever to Reach a $3 Trillion Market Valuation

Nvidia passed Apple in market cap on Wednesday. At the closing bell, Nvidia had a market value of over 3 trillion dollars, being the second company ever to reach this milestone. It’s crazy to witness the rapid growth of Nvidia. They were worth just a mere 140 billion at the start of the pandemic. Nvidia just keeps on growing and growing.

June 6 2024 Finance News Report

Ever since they announced their exceptional quarterly earnings, their share price went up 24% and continues to go up. On Wednesday, Nvidia’s stock went up 5%, good for $60.

Scientists announce a battery that can function inside our eyes

On Wednesday, scientists announced the development of a battery that can power “smart” contact lenses. These batteries are made of a biocompatible saline solution. The batteries can be charged using a wire or with tears. This new development has the opportunity to open up a brand new market and has the potential to grow as big as AI. As humans keep on technologically advancing, they will eventually get to contact lenses that can function as Apple Vision Pros.

Berkshire Hathaway’s stock dropped almost 100%

On Monday, Berkshire Hathaway’s stock price dropped 99%.

Berkshire Hathaway, a multinational conglomerate corporation saw its Class A share prices plummet to $185. A share of Class A stock was worth over $600,000 the day before. The New York Stock Exchange said that there was a glitch in their system. The problem was connected to the price bands, the technology that gives the range of prices for trading. This glitch forced the halt of trading Berkshire Hathaway stock. After the technical issues had been solved, Berkshire Hathaway’s stock quickly shot back up to its old numbers of over $600,000 a share.

Rivian announces the addition of Nvidia Chips into their vehicles

Amazon-backed car company Rivian Automotive has revamped its electric pickup truck and electric SUV. Their cars don’t look much different, but the software, computing power, and range have significantly improved.

Rivian will use Nvidia microchips to power their vehicles, and these new microchips will be able to power a faster, more reliable software system. Rivian has had a rough year so far, and they hope their redesigned vehicles will bring them more revenue. This year, Rivian is down 50% and they have accumulated a net loss of $1.4 billion.

America adds tariffs to help the Solar Industry

Today, previous tariffs were brought back again to help restart and help the solar industry. America still struggles with renewable energy and they will need to come up with solutions very soon. These tariffs will apply to cheap solar products primarily coming from South East Asia. These products repeatedly undercut European and American solar products. The Biden Administration has been handing out tax credits to Americans who install solar panels, and there have been big investments in the solar industry. However, Asian competitors have taken over the market, sending American solar companies underwater because the Asian solar panels are much, much cheaper.​

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Works Cited

Anwar, Nessa. “Scientists Develop Ultra-Thin Battery for Smart Contact Lenses That Could Be Charged by Tears.” CNBC, 6 June 2024, https://www.cnbc.com/2024/06/06/scientists-develop-ultra-thin-battery-that-could-be-charged-by-tears.html.

Leswing, Kif. “Nvidia Passes Apple in Market Cap as Second-Most Valuable Public U.S. Company.” CNBC, 5 June 2024, https://www.cnbc.com/2024/06/05/nvidia-passes-apple-in-market-cap.html.

Rivian. https://rivian.com/newsroom/article/rivian-releases-first-quarter-2024-financial-results. Accessed 6 June 2024.

Swanson, Ana, and Alan Rappeport. “U.S. Adds Tariffs to Shield Struggling Solar Industry.” The New York Times, 6 June 2024. NYTimes.com, https://www.nytimes.com/2024/06/06/business/economy/tariffs-solar-industry-china.html.

Wayland, Michael. “Rivian Redesigns All-Electric R1 Pickup and SUV, Adds Nvidia Chips and Improves Performance.” CNBC, 6 June 2024, https://www.cnbc.com/2024/06/06/rivian-r1-pickup-suv-redesigned.html.