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Independent Singapore
36 minutes ago
- Independent Singapore
Nvidia becomes first company to hit US$4 trillion valuation amid AI boom
Photo: Depositphotos/MichaelVi NEW YORK: Nvidia just became the first publicly traded company to reach a US$4 trillion market valuation on Wednesday (July 9), after its shares rose 2.8% to US$164.42 (S$210.34). Back in January, Nvidia faced pressure after its shares fell 17% over concerns that China's DeepSeek was using fewer of its chips compared to US competitors. Still, the company said it was confident demand would hold. According to The Edge Singapore , the stock is now up more than 20% in 2025 and has gained over 1,000% since early 2023. It also now makes up 7.5% of the S&P 500 Index, pointing to the increasing presence of the overall technology sector, Reuters reported. Client portfolio manager Brian Mulberry at Zacks Investment Management noted that there's 'obviously tremendous demand' for Nvidia's chips, amid its role in the artificial intelligence (AI) race. He said the recent rally since April shows how quickly the market has shifted its focus back to AI infrastructure. 'It's been a pretty remarkable 90-day period. There's no doubt about that,' he added. The company's chips remain central to the AI boom, with strong demand from tech giants Microsoft, Meta, Amazon, and Alphabet. These four companies are expected to spend a combined US$350 billion on capital expenses in their next fiscal years, up from US$310 billion this year, as per Bloomberg analysts' estimates. These companies contribute more than 40% of Nvidia's total revenue. Other tech giants approaching Nvidia's US$4 trillion valuation include Microsoft, with a valuation of roughly US$3.7 trillion, and Apple, valued at US$3.1 trillion. Reuters reported that alongside Nvidia's rally, Microsoft has climbed 19% in 2025, Oracle 40%, and Palantir 88%. /TISG Read also: Nvidia CEO says that if he were a student today, he would learn AI to have a successful career Featured image by Depositphotos () => { const trigger = if ('IntersectionObserver' in window && trigger) { const observer = new IntersectionObserver((entries, observer) => { => { if ( { lazyLoader(); // You should define lazyLoader() elsewhere or inline here // Run once } }); }, { rootMargin: '800px', threshold: 0.1 }); } else { // Fallback setTimeout(lazyLoader, 3000); } });
Straits Times
an hour ago
- Straits Times
Trump presses African leaders to take deported migrants, sources say
Sign up now: Get ST's newsletters delivered to your inbox U.S. President Donald Trump hosts a lunch for African leaders of Gabon, Guinea-Bissau, Liberia, Mauritania, and Senegal in the State Dining Room at the White House in Washington, D.C., U.S., July 9, 2025. REUTERS/Kevin Lamarque MONROVIA - The Trump administration this week pressed five African presidents to take in migrants from other countries when they are deported by the U.S., two officials familiar with the discussions told Reuters on Thursday. The plan was presented to the presidents of Liberia, Senegal, Guinea-Bissau, Mauritania and Gabon during their visit to the White House on Wednesday, according to a U.S. and a Liberian official who both asked not to be named. The White House and official spokespeople for the five nations did not respond to requests for comment. It was not immediately clear if any of the countries had agreed to the plan. Since returning to office in January, U.S. President Donald Trump has been pressing to speed up deportations, including by sending migrants to third countries when there are problems or delays over sending them to their home nations. On Saturday, eight migrants - from Cuba, Laos, Mexico, Myanmar, Sudan and Vietnam, according to their lawyers - arrived in South Sudan's capital after they lost a legal battle to halt their transfer. Wednesday's meeting at the White House had been organised partly to talk about the deportation plan, the U.S. official said. Liberia's government was "preparing to accommodate" an effort to house migrants in its capital Monrovia, the U.S. official added. The Liberian official confirmed that the deportation plan was a focus of Wednesday's meeting, but did not say whether Liberian President Joseph Boakai had agreed to it. Top stories Swipe. Select. Stay informed. Business S'pore to launch new grant for companies, expand support for workers amid US tariff uncertainties Singapore PAP appoints new heads of backbench parliamentary committees Singapore Singaporean fugitive charged over alleged drug trafficking, faces death penalty if convicted Singapore KTPH trials 'smart diapers' for adult patients to help prevent skin conditions, relieve burden on nurses World 'Do some homework': 6 key exchanges between US Senator Duckworth and S'pore envoy nominee Sinha Sport No pain, no gain for Singapore's water polo teams at the world championships Singapore New regional centre for sustainable aviation in Asia-Pacific launched in Singapore Multimedia 60 objects to mark SG60: Which is your favourite? The Wall Street Journal reported on Wednesday that an internal State Department document sent to the African governments before the meeting called on them to agree to the "dignified, safe, and timely transfer from the United States" of third country nationals. Under the proposed plan, the governments would agree not to send the migrants "to their home country or country of former habitual residence until a final decision has been made" on their U.S. asylum bids, according to the report. Reuters has not seen a copy of the State Department document and could not confirm its contents. In public comments at Wednesday's meeting, Trump told the five leaders he was shifting the U.S. approach to Africa from aid to trade, and that the United States was a better partner than China. "I hope we can bring down the high rates of people overstaying visas, and also make progress on the safe third country agreements," Trump added. He was accompanied by Massad Boulos, senior adviser for Africa, and aide Stephen Miller, an immigration hardliner. REUTERS
Straits Times
2 hours ago
- Straits Times
STI up 0.4% on July 10 as investors stay positive despite tariff uncertainty, split Fed views
Sign up now: Get ST's newsletters delivered to your inbox SINGAPORE – Never mind inflation risks and the ongoing tariff threat, buoyant investors here have driven the local market higher yet again – its fourth straight day of gains. The blue-chip Straits Times Index (STI) closed 0.4 per cent or 17.88 points up at 4,075.70 on July 10 with gainers streaking ahead of losers 324 to 175 on trade of 1.6 billion securities worth $1.2 billion. Ground handler Sats was the STI's top gainer, up 1.6 per cent to $3.13 after it released its annual report, while DFI Retail Group was at the bottom of the list, down 1 per cent to US$2.91. The local bourse largely reflected the state of play on Wall Street overnight, where investors shrugged off President Donald Trump's 50 per cent tariff on Brazilian goods, the highest announced this week, and a flurry of other levies. The Nasdaq was the standout, climbing 0.9 per cent to a record high on the back of a surge in Nvidia shares that valued the tech firm at more than US$4 trillion. The S&P 500 added 0.6 per cent and is now within touching distance of the record high it hit last week, while the Dow Industrials rose 0.5 per cent. Regional stocks closed mixed. Hong Kong's Hang Seng was up 0.6 per cent, the ASX 200 in Australia closed 0.6 per cent higher and Malaysian shares advanced 0.5 per cent, but Japan's Nikkei 225 fell 0.4 per cent. Investors here and across the region are still awaiting firmer signals from the US. Minutes from the Federal Reserve's June meeting showed an emerging divide among officials over monetary policy, given the uncertainty around tariffs. UOB researchers noted that the recent tariff re-escalation will underpin this uncertainty and lead the Fed to maintain its wait-and-see approach on interest rates. But they added that the risks to growth mean 'we continue to hold our view of three 25-basis point rate cuts in 2025 … and two in 2026'. THE BUSINESS TIMES
