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Shares of Nvidia rallied to record highs on Wednesday, with the AI chipmaker’s stock market valuation hitting the $3 trillion mark and overtaking Apple to become the world’s second most valuable company.

The latest rally in Nvidia comes as it prepares to split its stock 10-for-one, effective on June 7, a move that could increase its appeal to individual investors.

The surge in Nvidia’s stock market value above Apple’s underscores a shift in Silicon Valley, where the company co-founded by Steve Jobs has dominated since it launched the iPhone in 2007.

Microsoft remained the world’s most valuable company, with a market value of $3.15 trillion as its shares climbed 1.9%.

Nvidia’s stock has surged 147% so far in 2024, with demand for its top-of-the-line processors far outstripping supply as Microsoft, Meta Platforms and Google-owner Alphabet race to build out their AI computing capabilities and dominate the emerging technology.

It has rallied nearly 30% just since May 22, when Nvidia issued its latest stellar revenue forecast.

In Wednesday’s trading session, Nvidia’s stock briefly hit an intra-day record high of $1,224.50.

The chipmaker’s stock closed up 5.9% at $1,224.40, giving Nvidia a market value of $3.01 trillion.

Apple’s market capitalization closed at $3 trillion as its stock climbed 0.8%.

Nvidia CEO Jensen Huang this week was the subject of wall-to-wall coverage on Taiwanese television and was mobbed by attendees when he visited the Computex tech trade fair in Taipei, where he was born before moving to the United States.

While Nvidia rides a wave of AI enthusiasm on Wall Street, Apple is struggling with weak demand for iPhones and tough competition in China, the world’s biggest smartphone market.

Some investors also view Apple as lagging other technology heavyweights as they rush to build AI features into their products and services.

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Trump’s crypto agenda is rigged for the rich

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Trump’s crypto agenda is rigged for the rich

Trump’s crypto agenda is rigged for the rich

Donald Trump’s crypto agenda claims to champion financial freedom, but in reality, it consolidates power among political elites and wealthy investors, sidelining everyday users.

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World

Russian ambassador partly blames UK for Ukrainian drone attack

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Russian ambassador partly blames UK for Ukrainian drone attack

Russia’s UK ambassador has told Sky News that Ukraine’s recent attacks risk escalating the conflict to “World War III” as he partly blamed the UK.

Andrei Kelin warned that Ukraine’s actions “are bringing the conflict to a different level of escalation”, in an interview with Sky News’ Yalda Hakim, and said Kyiv should “not try to engulf World War III”.

“That’s the very worst case scenario that we can imagine,” he said.

More than a hundred Ukrainian drones were deployed inside Russia over the weekend, destroying more than 40 warplanes in an attack Volodymyr Zelenskyy said “will undoubtedly be in history books”.

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New Ukraine drone attack video analysed

Mr Kelin pointed the finger at the UK when he said Ukraine must have had assistance in the attacks.

“[This] kind of attack involves, of course, provision of very high technology, so-called geospaced data, which only can be done by those who have it in possession. And this is London and Washington,” he said.

“I don’t believe that America [is involved], that has been denied by President Trump, definitely, but it has not been denied by London.

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Explosion recorded on Crimea bridge

“We perfectly know how much London is involved, how deeply British forces are involved in working together with Ukraine.”

On Wednesday, Donald Trump said Vladimir Putin told him “very strongly” that Russia “will have to respond to the recent attack on the airfields”.

The US president said that he discussed the attack with Mr Putin during a phone call that lasted more than an hour.

“It was a good conversation, but not a conversation that will lead to immediate peace,” he wrote.

Mr Kelin repeated this sentiment, telling Sky News: “It is up to the Ministry of Defence to make a right solution, but we have to respond to it.”

A Downing Street spokesperson said: “We never comment on operational matters at home or abroad.”

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Trump and China’s Xi have ‘very good’ phone call and agree to more talks amid trade war

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Trump and China's Xi have 'very good' phone call and agree to more talks amid trade war

Donald Trump says he has had a “very good” phone call with Xi Jinping amid their ongoing trade war, during which they agreed to more tariff talks.

Trade negotiations between the United States and China stalled shortly after a 12 May agreement between the two countries to reduce their rates on levies while talks took place.

The call was first reported by Chinese state media and confirmed by the Chinese foreign ministry. According to Chinese state media, Mr Trump initiated the call with the Chinese president.

In a post on his Truth Social platform, the US president said: “I just concluded a very good phone call with President Xi of China, discussing some of the intricacies of our recently made, and agreed to, trade deal.”

He said the call lasted around an hour and a half and “resulted in a very positive conclusion for both countries”.

There “should no longer be any questions” on rare earth products, he said.

“The conversation was focused almost entirely on trade. Nothing was discussed concerning Russia/Ukraine, or Iran,” Mr Trump added.

He said the two nations had agreed to further tariff talks, and both leaders invited each other to visit their respective countries.

According to Chinese state media, Mr Xi “pointed out that it is especially important to correct the course of the big ship of China-US relations, which requires us to keep the rudder and set the direction, especially to remove all kinds of interference and even sabotage”.

Mr Xi “emphasised that the US should handle the Taiwan issue carefully” to avoid the two countries being dragged “into a dangerous situation of conflict and confrontation”.

According to the readout of the call, Mr Trump “expressed great respect for President Xi Jinping and the importance of the US-China relationship”.

It came a day after Mr Trump declared it was difficult to reach a deal with his Chinese counterpart.

“I like President Xi of China, always have, and always will, but he is very tough, and extremely hard to make a deal with!!!,” Mr Trump said in a post on Truth Social.

The US president has cut his 145% tariffs on Chinese goods to 30% for 90 days to allow for talks, while China reduced its taxes on US goods from 125% to 10%.

The trade war has produced sharp swings in global markets and threatens to damage trade between the two nations.

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Trump travel ban: The notable countries omitted
What a weakening dollar means for US president

Mr Trump’s treasury secretary Scott Bessent had suggested only a conversation between the two leaders could resolve their differences in order for talks to begin in earnest.

Mr Trump and Mr Xi last spoke in January, three days before his inauguration, where they discussed trade, as well as Mr Trump’s demand for China to do more to stop the drug fentanyl from entering the US.

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