Nvidia set to become the world's most valuable company in history
Shares of the leading designer of high-end AI chips were up 2.2% at $160.6 in morning trading, giving the company a higher market capitalization than Apple's record closing value of $3.915 trillion on December 26, 2024.
Nvidia's newest chips have made gains in training the largest artificial-intelligence models, fueling demand for products by the Santa Clara, California, tech company.
Microsoft is currently the second-most valuable company on Wall Street, with a market capitalization of $3.7 trillion as its shares rose 1.4% on $498.
Apple rose 0.5%, giving it a stock market value of $3.19 trillion, in third place. A race among Microsoft, Amazon.com, Meta Platforms , Alphabet and Tesla to build AI data centers and dominate the emerging technology has fueled insatiable demand for Nvidia's high-end processors. The stock market value of Nvidia, whose core technology was developed to power video games, has nearly octupled over the past four years from $500 billion in 2021. Nvidia is now worth more than the combined value of the Canadian and Mexican stock markets, according to LSEG data. The tech company also exceeds the total value of all publicly listed companies in the United Kingdom. Nvidia recently traded at about 32 times analysts' expected earnings for the next 12 months, below its average of about 41 over the past five years, according to LSEG data. That relatively modest price-to-earnings valuation reflects steadily increasing earnings estimates that have outpaced Nvidia's sizable stock gains. The company's stock has now rebounded more than 68% from its recent closing low on April 4, when Wall Street was reeling from President Donald Trump's global tariff announcements. U.S. stocks, including Nvidia, have recovered on expectations that the White House will cement trade deals to soften Trump's tariffs.
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Indian Express
an hour ago
- Indian Express
US' 1% remittance tax to have limited impact on India, but adds to cost of transfers
Sending money back home for Indians and other expatriates working in the US will possibly get a little more expensive after American lawmakers in the Senate on Tuesday and the House of Representatives on Thursday narrowly passed President Donald Trump's 'big, beautiful' spending bill containing a proposal to impose a new 1 per cent tax on remittances. The 1 per cent tax on remittances in the One Big Beautiful Bill Act (OBBBA) will come into effect from January 1, 2026. Originally proposed as a 5 per cent tax on non-commercial money transfers sent overseas, the rate was cut to 3.5 per cent and finally to 1 per cent. Crucially, the version passed by the Senate made some important exclusions which can soothe the pain. For one, the tax only applies to remittances sent using cash, money orders, cashier's checks, or where the sender provides 'any other similar physical instrument' to service providers. This means, the tax – which will only apply to transfers of more than $15 – will not be levied on transfers made through bank accounts or US-issued debit and credit cards. The tax will also not apply if the sender can prove US citizenship. According to Gaura Sen Gupta, Chief Economist at IDFC FIRST Bank, the impact of the tax on money sent to India is likely to be distributional in in 2025-26, with remittances 'frontloaded and more concentrated' in the first three quarters of the fiscal given that the tax will only come into effect in January 2026. 'But the fact that it's a much lower rate than what was proposed earlier means the impact should be limited,' Sen Gupta added. Meanwhile, US-based non-profit Center for Global Development estimates India stands to lose slightly less than $500 million in formal remittances due to the US imposing the tax, only second to Mexico, which faces a hit of more than $1.5 billion. A tax on remittances can be a big headache for India given that it is the top recipient country. According to the latest data released by the Reserve Bank of India (RBI) last week, personal transfers from abroad in 2024-25 were up 16 per cent from the previous year at $124.31 billion on a net basis. In gross terms, they were up 14 per cent at $132.07 billion. Of course, not all of India's remittances come from the US. However, the world's largest economy is the biggest source, accounting for 27.7 per cent of remittances India received in 2023-24, as per the RBI's latest remittances survey. Given that the gross personal transfers in 2023-24 stood at $115.55 billion, India got roughly $32 billion from the US that year. What is worth noting here is not so much the amount of remittances from the US but the fact that a larger and larger share of the money India gets from abroad is coming from the US. Back in 2016-17, the US' share of remittances into India was 22.9 per cent. The importance of remittances India receives cannot be overstated: in 2024-25, not only did net remittances fully cover the country's goods and services trade deficit of $98.39 billion, but there was another $26 billion or so left after doing so. Even if remittances into India from the US don't decline by much, the tax represents a new hurdle for cross-border payments. But just how costly is it to send money into India? According to the World Bank, the average cost of sending $200 to India in October-December 2024 was 5.3 per cent compared to the global average of 6.6 per cent. The cost of making international payments rises depending on the number of intermediaries, or correspondent banks, involved, with fees being charged and operational delays possible at every stage. These costs and delays have been a key driver of central banks exploring the use of their digital currencies to make cross-border transfers. Another route to cut down on time and cost inefficiencies in current cross-border payments has been the linking of national instant payment systems, something which India has already started doing by connecting its Unified Payments Interface with Singapore's PayNow. Project Nexus of the Bank for International Settlements, a global organisation of central banks, takes matters to another level by focusing on 'cheaper, faster, more transparent and accessible' cross-border payments. The RBI joined Project Nexus last year. Siddharth Upasani is a Deputy Associate Editor with The Indian Express. He reports primarily on data and the economy, looking for trends and changes in the former which paint a picture of the latter. Before The Indian Express, he worked at Moneycontrol and financial newswire Informist (previously called Cogencis). Outside of work, sports, fantasy football, and graphic novels keep him busy. ... Read More
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Business Standard
an hour ago
- Business Standard
Canada study visa: Indian students must show Rs 14 lakh for living expenses
Canada will raise the minimum funds international students must show for living expenses to ₹14 lakh from September 1, 2025, affecting new study permit applicants Surbhi Gloria Singh New Delhi Indian students planning to study in Canada will soon need to show more money in their bank accounts. Starting September 1, 2025, those applying for a Canadian study permit must demonstrate access to at least CAN $22,895 (₹14 lakh) for living expenses, up from the current CAN $20,635. The new rule was announced by Immigration, Refugees and Citizenship Canada (IRCC) on June 2, 2025, and will apply to all international students heading to provinces and territories outside Quebec. The amount is in addition to the first year's tuition fee and travel expenses. The revised amount reflects an annual update in line with the cost of living. Students bringing family members with them will also need to show increased funds. 1 person: CAN $22,895 2 people: CAN $28,502 3 people: CAN $35,040 4 people: CAN $42,543 5 people: CAN $48,252 6 people: CAN $54,420 7 people: CAN $60,589 Each additional family member: CAN $6,170 This requirement applies only to study permit applications submitted on or after September 1, 2025. The current amount—CAN $20,635—will remain in effect for all applications submitted before that date. What counts as proof of funds? IRCC accepts a variety of financial documents to demonstrate that a student can support themselves in Canada. These include: • A Canadian bank account in the student's name (if funds have already been transferred) • A Guaranteed Investment Certificate (GIC) from a participating Canadian financial institution • Proof of a student or education loan from a recognised bank • Bank statements for the past four months • A bank draft convertible to Canadian dollars • A letter from the person or school funding the student • Proof of funding from within Canada (such as a scholarship or paid educational programme) These documents help assess whether a student can afford the cost of living while studying in Canada. For those applying with dependents (like spouses or children) the total proof of funds must include their living costs as well.
India.com
an hour ago
- India.com
Big, Beautiful Bill Explained: Is Trumps Latest Law A Game Changer For Indians Abroad? All You Need To Know
President Donald Trump has praised the broad tax and spending bill, which Congress passed in the early hours of Friday, as one of the most successful bills in the history of America. The wide-ranging bill will now be signed into law by the President later today, although its actual real-world impact is expected to differ considerably between various industries, income levels, and regions. The historic bill makes permanent the 2017 Trump tax cuts, restores some business deductions, reverses incentives for green energy, and institutes deep cuts in federal safety net programs. The bill is generally believed to bring significant benefits to corporations, top earners, and certain categories of workers, but other groups – low-income Americans, hospitals, and clean energy companies – are likely to suffer disadvantages. Implications For Indians In The US One major concession in the bill's final reading is a relief to the Indian diaspora. The initial plan had envisaged a 5 percent tax on remittances made to countries abroad such as India. This has been drastically lowered to only 1 percent in the bill's final reading, bringing immense relief to an estimated 4.5 million Indians who are settled in the US, out of whom 3.2 million are of Indian origin. The remittance tax, according to the bill, levies "a tax equal to 1 percent of the amount of such transfer" that shall "be paid by the sender." This provision will cover US residents who are not citizens, including Green Card holders, H-1B and H-2A visa holders, and foreign students. But, while the tax will target transfers made in cash, money orders, or cashier's checks, the transfers made through financial institutions or by way of US-issued debit/credit cards and using a 'qualified remittance transfer service' are exempt. This provision for a 1 percent tax, a cut from an initial House draft of 3.5 percent and the initial 5 percent, will target transfers initiated after December 31, 2025. Remittances: India's Lifeline Remittances are an important source of foreign earnings for India, sustaining millions of families and strengthening the overall economy of the country. According to data as of 2023, about 2.9 million Indians were living in the United States, which was the second-largest immigrant community there, reported the Migration Policy Institute. India got a record $129 billion in remittances in 2023-24, the highest in the world, of which 28 percent came from the U.S. alone, according to World Bank statistics. The share of India accounted for 14.3 percent of world remittance flows in the same year, the highest by a nation in the 21st century. For Kerala, Uttar Pradesh, and Bihar, these remittances are not only beneficial but are viewed as vital to day-to-day survival and financial well-being by many families. The passing of this bill represents a signature legislative achievement of President Trump's presidency, striking a balance between deep tax cuts and steep cuts in government expenditure, aligning with his long-term economic and fiscal policy goals.
