Nvidia is poised to become the world’s third largest company valued at $3 trillion, as shares of the artificial intelligence chip designer hit new highs last night.
The jump means Nvidia is within striking distance of overtaking iPhone maker Apple, fueled by an investor frenzy for the AI pioneer.
It is also closing in on tech giant Microsoft, the largest company by market capitalization and worth $3.14 trillion.
At mid-session, Nvidia shares were up 4.5 percent, giving it a valuation of $2.99 trillion. In February, Nvidia became the fastest company to go from $1 trillion to $2 trillion in just eight months.
Analysts said the latest rise was driven by a stock split later this week that makes purchasing individual stocks more affordable for smaller investors, although no new value is created.
AI Pioneer: Nvidia shares rose 4.5%, giving it a valuation of $2.99 trillion. In February, Nvidia became the fastest company to go from $1 trillion to $2 trillion.
Back in the UK, as well as the general election, we’re looking forward to an action-packed sporting summer.
Scottish media company STV Group hopes to capitalize on the Tartan Army’s appearance in the European football championship.
While bookies aren’t giving them much of a chance, STV is hoping to turn a profit after advertising revenue rose 5 per cent in the first three months of the year.
They are expected to rise by 15 to 20 percent in the second quarter thanks to the euros.
STV will broadcast the opening match between Germany and Scotland on Friday next week. The shares gained 1.8 per cent, or 5p, to 288p.
The FTSE 100 rose 0.2 per cent, or 14.91 points, to 8,246.95, while the FTSE 250 fell 0.2 per cent, or 44.58 points, to 20,673.41.
Paragon Banking raised its annual forecast and increased its share buyback program.
Stock Watch – Pantheon Resources
Pantheon Resources soared 26.6 per cent, or 7.45p, to 35.5p after the fossil fuel explorer signed a major gas deal.
It will send up to 500 million cubic feet of gas per day to Alaska in an agreement with the state-owned Alaska Gasline Development Corporation (AGDC), which is leading a project to export up to 20 million tons a year of liquefied natural gas.
AGDC said it will resolve an “imminent power shortage as early as 2029.” Pantheon is down more than 75 percent since April 2022.
It expects its mortgage lending, which fell by more than a third to £650m in the first half, to reach between £1.4bn and £1.6bn for the full year, and plans to buy back £100m of shares this year, compared with £50 million. .
However, the stock fell 2 per cent, or 15p, to 755p.
Workspace, which offers office space in London, said rental income rose 8.2 per cent to £126.2 million in the year to the end of March.
Losses rose from £37.5 million to £192.8 million after property values fell 9.5 per cent to £2.4 billion. But the shares gained 6.2 per cent, or 34 pence, to 585 pence.
Medical device group Smith & Nephew rose 3.3 per cent, or 32.8 pence, to 1,028 pence, after Swiss bank UBS said clients should buy the shares.
Fund manager Jupiter (down 3.1 per cent, or 2.6p, to 80.6p) will keep its star stock picker Ben Whitmore in charge of its 1,600 UK special situations fund million pounds sterling, until at least the end of October. He had planned to leave in July.
Investment manager Ninety One lost 6.5 per cent, or 11.1p, to 159.6p as clients remained cautious and withdrew their money.
Assets under management fell 3 per cent to £126 billion in the year to March 31.
Oilfield services engineer Wood Group has given its suitor more time to reach a deal.
Dubai-based Sidara, which last week submitted its “fourth and final” proposal of £1.59 billion or 230 pence per share, had until yesterday to announce a firm offer or withdraw.
The deadline was extended to July 3. The shares rose 3.2 per cent, or 5.7p, to 186p.