Daily Brief - 19 June 2024

Nvidia's Stellar Journey to Becoming the World's Top Valued Company

Nvidia has soared to become the world's most valuable company, surpassing Microsoft with a market cap of $3.34 trillion. Starting from its IPO in 1999, Nvidia's journey featured a whopping 591,078% increase in stock value, driven by its innovative graphics chips and strategic bets on AI technology. Despite facing challenges like the 2008 financial crisis and competition, Nvidia has thrived by adapting to market shifts and excelling in AI and data center sales. This remarkable growth story showcases their ability to stay ahead in technology's fast-paced world.

Vodafone secures $1.8 billion from major stake sale in Indus Towers

Vodafone Group has successfully raised about $1.8 billion by selling shares in Indus Towers, one of India's leading telecom tower companies. They sold more shares than initially planned, showing strong investor interest in Indian stocks. The sale included a significant 18% of Indus Towers, with the shares offered at a competitive price. Following the sale, Bharti Airtel, another major shareholder, increased its stake by 1%. Despite a drop in Indus Towers' share price right after the sale, it has still significantly outperformed this year, highlighting its robust market position.

EU calls out France for budget overshoot ahead of elections

The European Union is about to reprimand France for not sticking to agreed budget limits, complicating things as legislative elections draw near. France's budget deficit hit 5.5% last year, well over the EU's 3% limit. Political tensions are high as parties gear up for the elections with promises that might not sit well with EU financial rules. Both the National Rally and the New Popular Front, leading in the polls, are pushing for bold spending which could escalate conflicts with EU standards. Amidst this, France's economic strategy is under scrutiny, with potential fines looming if deficits aren't managed.