Can Nvidia Justify Its $4 Trillion Market Value?
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
16 minutes ago
- Yahoo
EU, South Korea seek US trade deals to soften tariff blow
By Philip Blenkinsop and Hyunjoo Jin BRUSSELS/SEOUL (Reuters) -The European Union and South Korea said on Monday they were working on trade deals with U.S. President Donald Trump that would soften the blow from looming tariffs as Washington threatens to impose hefty duties from August 1. Trump stepped up his trade war on Saturday, saying he would impose a 30% tariff on most imports from the EU and Mexico from next month, adding to similar warnings for other countries including Asian economic powerhouses Japan and South Korea. White House Economic Adviser Kevin Hassett said on Sunday that countries' trade deal offers so far have not satisfied Trump and "the tariffs are real" without improvements to their proposals. "The president thinks that deals need to be better," Hassett told ABC's This Week program. "And to basically put a line in the sand, he sent these letters out to folks, and we'll see how it works out." European Trade Commissioner Maros Sefcovic expressed optimism that Washington and the EU were approaching a positive outcome for both sides. He warned, however, that a 30% tariff would practically eliminate trade between the U.S. and the 27-nation bloc, which are currently each other's largest trading partners. "We continue to engage with the U.S. administration and prioritise a negotiated solution by the new deadline of August 1. I cannot imagine walking away without any effort," Sefcovic said ahead a meeting with EU trade ministers in Brussels. German Chancellor Friedrich Merz, meanwhile, issued a stark warning on Sunday regarding the impact of a tariff at that level on the EU's largest economy. "If that were to happen, we would have to postpone large parts of our economic policy efforts, because it would interfere with everything and hit the German export industry to the core," Merz said. The EU has so far held off on retaliatory measures to avoid a spiralling tit-for-tat escalation in the trade war while there remains a chance of negotiating an improved outcome. But Italy's Foreign Minister Antonio Tajani said the EU has already prepared a list of tariffs worth 21 billion euros ($24.5 billion) on U.S. goods if the two sides fail to reach a trade deal. MARKETS' MUTED REACTION Since returning to the White House earlier this year, Trump has sought to use an array of tariffs to boost the U.S. economy, push companies to invest in the United States, and revitalise sectors including manufacturing. His initial "Liberation Day" tariff announcement in April, which set a baseline tariff of 10% on all imports and higher duties on certain products or countries, raised fears of global supply chain disruptions, sending shockwaves through markets. But subsequent U-turns and delays, including a 90-day pause on most duties aimed at allowing time for trade deal negotiations, have left investors largely inured to Trump's chaotic policy roll-outs. Stocks eased moderately on Monday, while the dollar gained little on the euro. The impact on European spirits companies, many of which rely heavily on the U.S. market, was also mixed. Shares in Diageo, whose U.S. business is driven by sales of Canadian whisky and Mexican tequila, rose 1% in early European trade. Rival Pernod Ricard, maker of Jameson Irish whiskey, saw its shares fall 1%, while cognac maker Remy Cointreau dropped 2.4% SCRAMBLE FOR DEALS The looming August 1 deadline has set off a scramble by governments around the world to seal trade agreements. South Korea's top trade envoy said on Monday it may be possible to strike an "in-principle" deal by the deadline and signalled that Seoul may be open to allowing the U.S. greater access to its agriculture markets, local media reported. Minister for Trade Yeo Han-koo, who held high-level talks with U.S. officials last week, said South Korea was seeking to avoid "unfair" U.S. tariffs on sectors key to its industrial prowess that would undermine industrial cooperation with its main security ally and trading partner, media reports said. "I believe it's possible to reach an agreement in principle in the U.S. tariff negotiations, and then take some time to negotiate further," the Newsis news agency quoted Yeo as telling local media reporters. "Twenty days are not enough to come up with a perfect treaty that contains every detail," he added. South Korea is in a race to reach a compromise trade pact in the hope of avoiding a 25% tariff slapped on its exports, the same level faced by Japan. (Additional reporting by Milan Strahm, Cristina Carlevaro, David Lawder, John Revill, Andreas Rinke, Wayne Cole and Emma RumneyWriting by Keith WeirEditing by Joe Bavier) Sign in to access your portfolio
Yahoo
20 minutes ago
- Yahoo
Homes in Cleveland County sold for higher prices recently: See how much here
Newly released data from for April shows that potential buyers and sellers in Cleveland County saw higher home sale prices than the previous month's median of $223,750. The median home sold for $240,000, an analysis of data from shows. That means April, the most recent month for which figures are available, was up 7.3% from March. Compared to April 2024, the median home sales price was up 6.7% compared to $225,000. sources sales data from real estate deeds, resulting in a few months' delay in the data. The statistics don't include homes currently listed for sale and aren't directly comparable to listings data. Information on your local housing market, along with other useful community data, is available at Here is a breakdown on median sale prices: Looking only at single-family homes, the $238,000 median selling price in Cleveland County was up 6.4% in April from $223,750 the month prior. Since April 2024, the sales price of single-family homes was up 5.8% from a median of $225, single-family homes sold for $1 million or more during the month. In April, the number of recorded sales in Cleveland County dropped by 5.7% since April 2024 — from 124 to 117. All residential home sales totaled $29.4 million. Across North Carolina, homes sold at a median of $354,858 during April, a slight increase from $354,675 in March. There were 14,507 recorded sales across the state during April, down 17% from 17,469 recorded sales in April 2024. Here's a breakdown for the full state: The total value of recorded residential home sales in North Carolina decreased by 39% from $12 billion in March to $7.3 billion this April. Out of all residential home sales in North Carolina, 6.92% of homes sold for at least $1 million in April, down from 8.95% in April 2024. Sales prices of single-family homes across North Carolina decreased by 1.4% from a median of $360,000 in March to $355,000 in April. Since April 2024, the sales price of single-family homes across the state was down 1.4% from $360,000. Across the state, the sales price of condominiums and townhomes rose 5.1% from a median of $333,000 in March to $350,000 during April. The median sales price of condominiums and townhomes is down 1.8% from the median of $356,541 in April 2024. The median home sales price used in this report represents the midway point of all the houses or units listed over the given period of time. The median offers a more accurate view of what's happening in a market than the average sales price, which would mean taking the sum of all sales prices then dividing by the number of homes sold. The average can be skewed by one particularly low or high sale. The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from Please leave any feedback or corrections for this story here. This story was written by Ozge Terzioglu. Our News Automation and AI team would like to hear from you. Take this survey and share your thoughts with us. This article originally appeared on The Shelby Star: Homes in Cleveland County sold for higher prices recently: See how much here
Yahoo
20 minutes ago
- Yahoo
Crypto exchanges rushed to list Trump's coin - leaving many losers and some big winners
By Hannah Lang, Elizabeth Howcroft, Michelle Conlin and Medha Singh NEW YORK (Reuters) -Crypto exchange Coinbase assures users on its website that it puts any new digital coin through "rigorous" vetting before allowing it to trade. It's an at-times lengthy process meant to protect customers by examining the people connected to the project and the risk of market manipulation or other scams. With President Donald Trump's crypto token, $TRUMP, Coinbase made up its mind in just one day. The $TRUMP token, which launched three days before his inauguration in January, is a meme coin. Based on cultural fads or celebrities, these coins have no intrinsic value and – past experience has shown – are prone to large price swings that can leave investors with losses. A Reuters analysis of crypto market data and industry announcements found that, compared to other recent large meme coins, the biggest crypto exchanges took Trump's to market with unusual speed, despite stating they vet risky coins thoroughly to protect small investors. Some also approved the listing in spite of the high share of coins concentrated in the hands of Trump and his partners, which would normally represent a red flag because of the risk that dumping of tokens by insiders could collapse the price and hurt other investors, some executives said. After reaching an all-time high of $75.35 on April 19, just two days after its launch, $TRUMP crashed to the $7 range by early April, leaving many holders nursing losses. It was trading around $9.55 Thursday. "When the president of the United States launches a meme coin, I thought I might as well put some money inside," said Carl 'Moon' Runefelt, a Dubai-based crypto investor who runs a bitcoin trading channel on YouTube called the "Moon Show." Runefelt said he bought $300,000 worth of the meme coin in tranches at between $50 and $60: "It's probably one of my worst trades, unfortunately." The Reuters analysis showed that eight of the 10 largest crypto exchanges by market share listed the coin within 48 hours of its release. The ninth, Coinbase, added $TRUMP to its listings roadmap on January 18 – indicating it had decided to accept it - and listed the coin three days later. The tenth, Upbit, listed $TRUMP on February 13. That was much faster than they've done on average with the biggest meme coins. Reuters examined how long it took the same 10 exchanges - Binance, Bitget, MEXC, OKX, Coinbase, Bybit, Upbit, and HTX - to list the four other largest meme coins launched since 2022. These, measured by market cap on May 29, are Pepe, Bonk, Fartcoin and dogwifhat. All 10 exchanges listed Pepe and Bonk. Nine listed dogwifhat, and seven listed Fartcoin. On average, the 10 exchanges took 129 days to list those coins. For $TRUMP, they took an average of four. Asked for comment about why they listed $TRUMP so quickly, Bitget, MEXC, OKX, Coinbase and Upbit all said they had not cut any corners with their vetting process. The other five exchanges did not respond to Reuters' questions. Three – Bitget, Coinbase, MEXC – said they moved fast to respond to overwhelming demand for the $TRUMP coin. "The crypto space was buzzing with the hype and, as any other token with a growing craze, it was imperative to add TRUMP," Gracy Chen, Bitget's CEO, said in a statement. Chen said the fact that Trump himself announced the coin on his social media accounts "should kind of solve the compliance issue," citing the fact that "he's the president of the United States." 'NO CONFLICTS OF INTEREST' Reuters found no suggestion that Trump or anyone related to his businesses exerted pressure on the exchanges. In response to a request for comment, a White House press official told Reuters the president's assets had been placed in a family trust: "There are no conflicts of interest because the president isn't managing the assets. Any insinuation that there is a conflict of interest is irresponsible." The official referred specific questions about the meme coin to the Trump Organization, which did not respond to Reuters. Coinbase said the $TRUMP token got no special exceptions and the exchange followed its normal process when listing the coin. Paul Grewal, Coinbase's chief legal officer, said many people had to work over the weekend to get the listing done quickly, but no steps were skipped. "Given the information that was shared publicly, we were confident that users could engage with the token positively and safely," Grewal told Reuters. Coinbase listed $TRUMP as an "experimental" token to indicate it comes with "certain risks, including price swings," according to the company's website. The vetting of coins often focuses on how well-known the issuer is, how likely they are to remain in the public eye and how much they engage with the online community to sustain interest in the coin, metrics that $TRUMP would score highly on, according to Santa Clara University finance professor Seoyoung Kim, who specializes in crypto analytics. She cautioned that focusing on vetting speed alone could provide an incomplete picture of investor protection. A more holistic analysis, Kim said, would also involve factors such as the average market cap at which a coin is listed, for how long it has sustained that level before its listing, and its daily trading volumes. With $TRUMP listed so soon after launch, there was little such data for exchanges to parse. $TRUMP's market cap has since fallen to around $1.9 billion, down sharply from its peak above $15 billion on January 19. But that still ranks it amongst the largest meme coins launched since 2022. Reuters ran its listing-speed analysis past five academics with crypto expertise, including Kim, who all said its methodology was sound. David Krause, Emeritus Professor of Finance at Marquette University, who has studied Trump's crypto ventures, said the quickness of the $TRUMP listing "suggests either a dramatic acceleration of due diligence or corners being cut." "Either scenario has significant implications for investor protection and market integrity," he said. YOU DON'T SAY NO TO THE PRESIDENT The president's rush of business ventures in a lightly-regulated sector that his government is responsible for overseeing has drawn criticism from Democrats, consumer advocacy groups and former financial enforcement officials. "You don't say no to hosting the president's new meme coin," said Corey Frayer, a former senior crypto advisor at the U.S. Securities and Exchange Commission. Frayer is now director of a non-profit advocacy group, the Consumer Federation of America. "The president controls who oversees your business and how they enforce the law." Under former President Joe Biden, the SEC maintained that most crypto tokens, including meme coins, should be regulated as securities, making exchanges cautious about listing them. That began to change, quickly, after Trump was elected last November. The Republican has styled himself as the "crypto president," pledging to overhaul regulation of the sector. Following Trump's election, Coinbase – the largest publicly traded crypto exchange in the United States – and several of its rivals began listing more meme coins. In Trump's second term, the SEC has paused or withdrawn high-profile enforcement actions against crypto operators, including a major investor in a Trump family crypto project, and issued a staff statement concluding that meme coins do not constitute securities. An SEC spokesperson declined to comment on the agency's crypto policy and Trump's coin. Trump's family has launched multiple crypto ventures, raking in hundreds of millions of dollars. The $TRUMP token quickly earned an estimated $320 million in fees, though it's not publicly known how that amount has been divided between a Trump-controlled entity and its partners. OVERLOOKED CONCERNS Exchanges have been major beneficiaries of Trump's embrace of the industry. $TRUMP has generated significant revenue for the 10 exchanges in Reuters' review: more than $172 million in trading fees, according to estimates based on standard fees compiled for the news agency by CoinDesk Data, a crypto industry data provider. Trade in the coin, meanwhile, has favored a small group of investors. At the top, 45 crypto wallets cleared about $1.2 billion in profits overall, while another 712,777 wallets have collectively lost $4.3 billion, according to trading data analyzed by crypto analysis firm Bubblemaps as of June 18. In the middle, more than half a million wallets made an average of $5,656 profit each. In listing $TRUMP, some exchanges proceeded despite a factor they'd previously labelled as a red flag: 80% of the coin's supply was held by the Trump family and its partners. Such a high concentration of ownership can allow the team behind a coin to sell large amounts of it at once, collapsing the price for retail investors. The terms of the $TRUMP coin specified that its total supply would be gradually unlocked over three years after initial release. On January 16, the day before $TRUMP was released, the New York State Department of Financial Services issued an alert to consumers about the risks of meme coins. Such coins, the notice said, are carried by platforms not licensed by the state and the supply of the digital tokens is often controlled by a small number of people. That opens the door to "pump-and-dump schemes," the regulator noted, in which public hype by their issuers leads to a jump in price – with big, early investors exiting and smaller retail buyers left holding the losses that follow. The NYDFS declined to comment beyond the guidance. Coinbase, which is subject to New York regulations, blocked state residents from accessing the token, but allowed U.S. customers elsewhere to trade. To list $TRUMP in New York, the exchange would have faced a long list of risk assessment and governance requirements. Some other exchanges acknowledged they looked past concerns about the concentration in a bid to serve customer demand. MEXC's chief operating officer, Tracy Jin, told Reuters that, because of the concentration of tokens, $TRUMP did not meet its usual standards for a full listing on its main board, but the exchange pushed ahead anyway due to strong demand. In a follow-up written statement, an MEXC spokesperson said that a "faster-than-usual" listing was possible because the coin had clear market momentum and it met "our listing standards early." Commenting on the Reuters listing-speed analysis, the spokesperson said market conditions and demand for political meme tokens had changed since 2022, "making direct comparisons less relevant." Bitget also had concerns about the 80% figure, CEO Chen told Reuters. "Eighty percent held by the team, even though there's a little bit of a lock-up period, is in my opinion very risky," said Chen. "Ultimately, user trading volume, demand … overrode the so-called risky factor here." Like some exchanges, Bitget, based in the Seychelles, does not have a business presence in the U.S. or serve clients who reside there, Chen said. "Globally," she added, "people are generally aware of the risks associated with trading meme coins." Upbit, which operates in South Korea, said it does not comment on specific coin listings but that it has "a rigorous and comprehensive evaluation process." Erald Ghoos, CEO for Europe of OKX, said the exchange's legal and compliance teams stayed up all night over different time zones to work on the listing. Seychelles-registered OKX says its diligence process requires "meticulous preparation." It decided to list $TRUMP within 26 hours. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
