What we’re reading (5/24)
“Nvidia Barrels Toward Rare $1 Trillion Valuation After Putting A Dollar Figure On AI Boost” (MarketWatch). “Nvidia Corp. headed toward market-capitalization gains of nearly $200 billion in after-hours trading Wednesday, which could put the chip maker within sight of becoming only the seventh U.S. company to top a valuation of $1 trillion.
Nvidia shares jumped 25% in the extended session Wednesday, after executives predicted that revenue would exceed the company’s record by more than 30% in the current quarter.”“‘I Came To Kill The Banks.’ Meme-Stock Traders Find A New Passion.” (Wall Street Journal). “The sharp turns [for banks] have been exaggerated by the same forces that turbocharged GameStop and AMC a couple of years ago: the lightning-fast spread on social media of both fact and rumor, strong interest from individual investors and the use of options and other tools that can amplify the impact of trades.”
“First Republic Wealth Advisors Voted With Their Feet–And It Wasn’t For JPMorgan” (Forbes). “Depositors and shareholders weren’t the only ones fleeing San Francisco-based First Republic Bank before it was seized by regulators and sold to JPMorgan. As a crisis of confidence enveloped regional and specialized U.S. banks, especially those with significant levels of uninsured deposits, First Republic’s wealth-management advisors also headed for the exits”
“Do Americans Really Want “Unbiased” News?” (Vox). “Both companies [the Messenger and CNN] are trying to position themselves as an antidote to ‘biased media,’ and promise to deliver down-the-middle news. The problem is there’s not much evidence that people are clamoring for that, which makes it hard to envision a light at the end of the tunnel for either company.”
“Working From Home And Realizing What Matters” (Paul Krugman, New York Times). “[I]t’s not hard to make the case that the overall benefits from not commuting every day are equivalent to a gain in national income of at least one and maybe several percentage points. That’s a lot: There are very few policy proposals likely to produce gains on that scale. And yes, these are real benefits. C.E.O.s may rant about lazy or (per Musk) ‘immoral’ workers who don’t want to go back into their cubicles, but the purpose of an economy is not to make bosses happy.”
