Nvidia Joins The Trillion $ Club

Until today, only six U.S.-listed companies had reached a market capitalization of $1 trillion or more at one point in their history. And one abroad, Saudi Aramco. However, the recent hype over artificial intelligence (AI) helped propel retail investor favorite Nvidia onto that list…at least intraday. ๐Ÿคฉ

The chart below shows it is joining the ranks of Apple, Microsoft, Google, and Amazon, which are still above $1 trillion. And Tesla and Meta, which briefly surpassed that mark in 2021 but have since fallen from grace. ๐Ÿ‘‡

Where it goes from here is anyone’s guess. And believe us, people are guessing… But for now, we’re just stopping to smell the roses at this milestone. ๐ŸŒน

Time will tell what’s (or who) is next. Berkshire Hathaway is closest at $705 billion, followed by TSMC at $530 billion, Visa at $465 billion, United Health at $447 billion, and Exxon Mobil at $421 billion. The race is on… ๐Ÿ‘€

Retail Favorites’ Mixed Day

It was a mixed day for several of retail investors’ favorite stocks. Let’s see what’s moving. ๐Ÿ‘€

First up is Canadian Solar, which reported mixed second-quarter results and reaffirmed its full-year 2023 outlook. However, its third-quarter revenue forecast of $1.9 to $2.1 billion lagged the $2.5 billion consensus estimate.ย $CSIQ shares fell 13% as the solar industry remains under pressure. ๐ŸŒฉ๏ธ

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Another Chip Off The Ol’ Block

Last month, we discussed pain in payments landย with Dutch payments processor Adyen NV and U.S.-based PayPal treading water. ๐Ÿ’ณ

Today, the focus was on Jack Dorsey’s Block, previously known as Square, after its Square and Cash App services were reportedly down throughout Thursday. Its news sent shares of $SQ lower by about 5% as they continue to trade at a key technical level. ๐Ÿ“‰

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Auto Parts Retailer Sent To Junkyard

One of these auto parts retailers is not like the other… ๐Ÿค”

The troubles at Advance Auto Parts continue, with S&P Global Ratings downgrading the retailer’s credit rating to ‘junk’ status. The rating agency cut its issuer-credit rating to BB+, the highest speculative-grade rating. The downgrade from BBB- was accompanied by its outlook being cut from stable to negative. โš ๏ธ

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Lattes Fuel Luckin Coffee’s Jump

Chinese coffee company and coffeehouse chain Luckin Coffee is back in the news after flying under the radar for the last two years. But don’t worry, it’s not for a bad reason this time. ๐Ÿ‘

For those unfamiliar with the company, it was best known for coming public on the Nasdaq stock exchange in May 2019 and being rocked by an accounting scandal shortly after. In early 2020, investigative investment firm MuddyWatersResearch published a report that indicated the company had heavily inflated its sales numbers. ๐Ÿ•ต๏ธโ€โ™‚๏ธ

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