🚀 Nvidia passes Apple Market Cap

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Market Overview
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Year To Date Performances:

1. Nvidia surpassed Apple in market cap on Wednesday, becoming the second-most valuable public company behind Microsoft, driven by investor confidence in its AI chip dominance. Nvidia's market cap hit $3.019 trillion, overtaking Apple's $2.99 trillion. Microsoft remains the most valuable with a $3.15 trillion market cap. Nvidia shares have surged over 24% since May, buoyed by a robust demand for its AI chips, capturing an estimated 80% market share in AI data center chips. Revenue from its data center business soared 427% year-over-year to $22.6 billion, constituting 86% of its total sales. In contrast, Apple's shares have risen only about 5% this year amid stagnant sales growth, declining iPhone sales, and challenges in China. Nvidia's stock, more volatile than Apple's, has seen a dramatic rise of over 3,290% in the past five years, recently announcing a 10-for-1 stock split.

2. The Federal Trade Commission (FTC) is reportedly preparing to file an antitrust lawsuit against Southern Glazer's Wine and Spirits, the largest U.S. alcohol distributor, sources informed CNBC. The lawsuit, expected within weeks, may allege that Southern Glazer’s has provided "secret kickbacks" to large retail customers, violating the 1936 Robinson-Patman Act, which prohibits price discrimination that harms competition. Southern Glazer's, distributing alcohol for over 7,000 brands in 44 states and reporting $26 billion in revenue in 2023, could face significant legal challenges due to the complexity of proving Robinson-Patman Act violations and the fragmented regulatory framework governing alcohol distribution. This lawsuit follows previous allegations of anticompetitive practices against Southern Glazer’s, such as a 2022 lawsuit by startup Provi, and aligns with the FTC's aggressive antitrust enforcement under President Biden.

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4. Headlines

   1. Lululemon gained 10% yesterday despite missing its earnings.

   2. Privacy advocates are targeting auto manufacturers who collect significant data from drivers without disclosures.

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