Wall Street Breakfast Podcast: Nvidia Reaches $3 Trillion and Antitrust Challenges
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Listen below or on the go on Apple Podcasts and Spotify

Antitrust police attack Nvidia (NVDA), Microsoft (MSFT) and OpenAI – NYT. (00:24) Amazon (AMZN) unit Zoox expands robotaxi testing in Austin, Miami. (02:02) Tempus (TEM), maker of AI-based diagnostics, sets terms for $400 million IPO. (02:51)
This is an abridged transcript of the podcast.
The exclusive $3 billion market cap club has a new member and a new antitrust investigation.
Nvidia (NASDAQ:NVDA) surpassed $3 trillion in market capitalization on Wednesday, joining the illustrious club amid euphoria around artificial intelligence.
Shares rose more than 5% to end at $1,224.40. Nvidia’s market cap has increased more than 154% year-to-date and more than 216% over the past 12 months.
The $3 trillion market cap level is rarefied air for publicly traded companies: only Apple (NASDAQ: AAPL) and Microsoft (NASDAQ: MSFT) have reached this level in the United States. Nvidia’s valuation surpassed that of Apple late Wednesday to become the second most valuable technology company.
The gains come after Nvidia Chief Executive Jensen Huang revealed this week that the company will unveil new artificial intelligence accelerators with next year’s rollout of the Blackwell Ultra chip and a new platform generation called Rubin in 2026.
Nvidia is also expected to split its stock 10-1 this week. This was announced last month with quarterly results.
Several Wall Street firms issued positive ratings on Nvidia this week ahead of the split, including Bank of America and Goldman Sachs.
I mentioned at the beginning an antitrust investigation.
According to the New York Times, the investigation into Nvidia (NASDAQ:NVDA), Microsoft (NASDAQ:MSFT) and Microsoft-backed OpenAI will explore the dominant roles the companies play in the artificial intelligence sector.
The Department of Justice and the Federal Trade Commission will be involved in the investigation.
While we’re talking about Nvidia, be sure to check out the list of ETFs with the largest weightings at Nvidia.
Zoox, the autonomous vehicle unit of Amazon (NASDAQ:AMZN), is expanding road testing in Austin, Texas and Miami, Florida, its first test sites outside the western United States.
Zoox will first carry out a mapping mission in the two cities. It will then deploy its test fleet of retrofitted Toyota Highlanders with safety drivers to small areas close to cities’ business and entertainment districts.
Austin and Miami will be the fourth and fifth public testing sites for Zoox, which began testing in its hometown of San Francisco in 2018 and then expanded to Las Vegas and Seattle.
The company does not yet plan to deploy its robotaxis in Austin or Miami. It still aims to primarily offer paid trips to Las Vegas and San Francisco.
Tempus AI (TEM), a developer of AI-based oncology diagnostic products, has set terms for a proposed $400 million initial public offering.
In its latest SEC filing, Tempus announced plans to offer 11.1 million shares at a price between $35 and $37 per share, which would raise approximately $400 million if priced at mid-term. The underwriters would be granted a 30-day option to purchase up to 1.7 million additional shares to cover any over-allotment.
Morgan Stanley, JP Morgan and Allen & Company are the lead bookrunners on the transaction. Tempus hopes to list its shares on Nasdaq under the symbol TEM.
After the offering, Tempus founder, CEO and chairman Eric Lefkofsky will own approximately 65% ​​of the voting rights in the stock, according to the filing.
Tempus is moving in the red. For full year 2023, the company reported a net loss of $214 million on revenue of $532 million.
More articles on Seeking Alpha:
S&P downgrades Spirit Airlines to “CCC,” pushing it further into the trash category
Lululemon delivers strong first quarter, raises profit forecast above Street View
Victoria’s Secret sees sales and profits decline in ‘challenging and competitive’ environment
Catalyst watch:
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Notable investor events include the Lululemon (LULU) Annual Meeting, Alphabet (GOOG) Annual Meeting, and Lyft (LYFT) Investor Day.
Traders and investors saw major Wall Street market averages close higher on Wednesday, with the S&P 500 and Nasdaq Composite surpassing new all-time highs.
The Nasdaq (COMP:IND) finished up 1.9%. The S&P 500 (SP500) also rebounded, finishing in the green by 1.1%. Finally, the Dow (DJI) ended up by 0.2%.
Now let’s take a look at the markets from 6am onwards. Ahead of today’s open, Dow, S&P and Nasdaq futures are mixed. Crude oil is up 0.4% at $74 a barrel. Bitcoin is up 0.1% to over $70,000.
In global markets, the FTSE 100 is up 0.3% and the DAX is up 0.6%.
Premarket Day’s Top Players: Despite Beating Estimates in Q1 and Beating Consensus FY2024 Outlook, Sprinklr (NYSE: CXM) Is ​​Down 18%, Its Near-Term Outlook for the second quarter being lower than analysts’ expectations.
On today’s economic calendar:
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