Nvidia Becomes World's Most Valuable Company

Nvidia's shares soared 3%, reaching a market value of $3.33 trillion. This leap pushed Nvidia past Microsoft and Apple.

In the latest quarter, Nvidia's revenue tripled to $26 billion, and net income increased sevenfold to $14.9 billion. Their net margin is 53.4%. Analysts expect revenue to double this fiscal year to $120 billion and rise to $160 billion by 2026.

The spike in Nvidia's value is driven by the high demand for its AI chips. These chips are considered the gold standard in the AI industry.

Nvidia's shares have risen over 170% this year and 1,100% since October 2022. Nvidia now accounts for 32% of the S&P 500's gains this year.

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Retail Sales Stumble, Manufacturing Bounces Back

In May, US retail sales increased by 0.1%, following a downward revision in April. Core retail sales, excluding volatile items like gasoline and food services, rose 0.4%.

Lower gasoline prices partly explain the tepid sales, as receipts at service stations dropped 2.2%.

On a positive note, manufacturing production surged by 0.9% in May, rebounding from an earlier decline.

The Congressional Budget Office also projected an increase in the US budget deficit, now expected to reach $1.92 trillion in 2024, up from $1.69 trillion in 2023.

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"Tesla Killer" Goes Bankrupt

Fisker filed for Chapter 11 bankruptcy protection. Fisker’s assets are estimated around $750 million, and liabilities $350, with up to 999 creditors.

Founded by Henrik Fisker, the company aimed to rival Tesla with its luxury plug-in hybrids and EVs like the Ocean SUV.

However, supply chain issues, funding challenges, and slow EV adoption hindered its progress. Fisker's bankruptcy marks his second failed attempt in the EV market, following a similar collapse in 2013.

Fisker is now in talks for debtor-in-possession financing and selling its assets.

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Flying Cars Ready for Takeoff, But Who Will Fly Them?

Flying cars are almost here, with many companies working on electric vertical take-off and landing (eVTOL) aircraft. However, pilot availability and training are scarce.

Unlike rideshare drivers, prospective eVTOL pilots face high training costs and lack a licensing pathway. The FAA has yet to establish protocols, but the FAA Reauthorization Act of 2024 mandates guidelines by December.

Archer Aviation and Volocopter are starting pilot training programs. Pilots can expect low pay, which might deter trainees.

However, the industry explores incentives like career pathways and appealing work/life balances to attract talent.

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