Nvidia becomes the most valuable company in the world
Chipmaker Nvidia just topped Microsoft in becoming the most valuable company in the world. Today, Nvidia shares went up 3.2%, which brought the company to a $3.33 trillion market cap. A way to visualize Nvidia’s rapid ascent is that they haven’t even been added to the Dow Jones Industrial Average yet.
Warren Buffet Buys 29% of Occidental Petroleum
Warren Buffet, one of the world’s best investors, has been buying shares of Occidental Petroleum for the past 9 days. He purchased around 7.3 million shares. Now, Warren Buffet’s conglomerate, Berkshire Hathaway, owns over 255 million shares of Occidental Petroleum, good for 28.8%. Buffet has said that he won’t take control of the company but will remain a primary shareholder.
Fisker files for bankruptcy
EV start-up Fisker files for Chapter 11 bankruptcy. Fisker hoped for a big company to invest in them, but that never happened. Just 4 months ago, a very well-known tech YouTuber, Marques Brownlee, reviewed the Fisker Ocean EV. The title of his video was “This is the Worst Car I’ve Ever Reviewed.” Brownlee’s video seems to have foreshadowed Fisker’s bankruptcy. Fisker was mainly started because of low interest rates and the astonishing rise of Tesla. Henry Fisker (founder and CEO) wanted to break into the EV market and see if he could become successful.
Nvidia becomes worth more than the stocks of Germany, France, and UK
Earlier, Nvidia ascended to the top and became the most valuable country in the world. Because of their $3.3 trillion valuation, they are now worth more than each of the three independent European markets. France is worth around $1.5 trillion, the UK is worth around $2 trillion, and Germany is worth around $1.4 trillion. Surprisingly, Nvidia is even worth more than the stock markets of France and Germany combined. According to Deutsche Bank, only India, China, America, and Japan have bigger stock markets than Nvidia. Furthermore, to put the growth of the technology into perspective, just 14 years ago, the S&P 500 was worth $10 trillion. Now, Nvidia, Apple, and Microsoft are almost worth $10 trillion.
Zilch Raises $125 Million
British firm Zilch said it raised $125 million from German bank Deutsche Bank. This deal will help Zilch triple sales and hit the public market soon. Zilch is a buy now pay later company, and they source their installments and loans from Goldman Sachs. However, the company’s CEO has stated that Deutsche Bank will give more flexibility and better client experiences. The buy now pay later market seems tough to break. Affirm is a pretty successful buy now pay later company, but just recently, Apple announced it will discontinue its buy now pay later services.
Work Cited
Ali, Abid. “CNBC Daily Open: Nvidia Unseats Microsoft as World’s Most Valuable Company.” CNBC, 19 June 2024, https://www.cnbc.com/2024/06/19/cnbc-daily-open-nvidia-unseats-microsoft-as-worlds-most-valuable-company.html.
Browne, Ryan. “Klarna Rival Zilch Raises $125 Million with Aim to Triple Sales and Accelerate Path to IPO.” CNBC, 19 June 2024, https://www.cnbc.com/2024/06/19/uk-bnpl-fintech-zilch-raises-125-million-sees-ipo-within-2-years.html.
Li, Yun. “Warren Buffett Buys Occidental Shares for 9 Straight Days, Pushes His Stake to Nearly 29%.” CNBC, 18 June 2024, https://www.cnbc.com/2024/06/18/warren-buffett-buys-occidental-shares-for-9-straight-days-pushes-his-stake-to-nearly-29percent.html.
Pound, Jesse. “Nvidia Tops the Individual Stock Market Values of Germany, France and the UK.” CNBC, 20 June 2024, https://www.cnbc.com/2024/06/20/nvidia-tops-the-stock-market-values-of-germany-france-and-the-uk.html.
Wayland, Michael. “Fisker Files for Bankruptcy Protection in Wave of EV Startups, Moment of Déjà vu for Its Founder.” CNBC, 18 June 2024, https://www.cnbc.com/2024/06/18/fisker-ev-maker-bankruptcy.html.
