AI fuels 25% rise in Nvidia shares

In today’s top stories, US chipmaker Nvidia was on course to surpass a $1trn market valuation Tuesday following the stock’s mega 25% rally. Elsewhere, France has inaugurated the first of four planned gigafactories, which will help European automakers to shorten their battery supply chains and reduce their dependence on China. Apple supplier Hon Hai Precision Industry is raising its workers’ pay and bonuses. Ecommerce platform Temu, owned by PDD Holdings is one of a number of Chinese apps that continue to expand their user base in the US, despite TikTok’s tribulations. Lastly, fast-moving consumer goods giants Unilever and Nestlé are appointing new finance chiefs as the food industry tries to get inflation under control.

AI fuels 25% rise in Nvidia shares

US chipmaker Nvidia [NVDA] was on course to surpass a $1trn market valuation Tuesday following the stock’s mega 25% rally post-earnings last week. CEO Jensen Huang unveiled more artificial intelligence (AI) products in a two-hour presentation in Taiwan on Monday, in which he said that AI has heralded a “new computing era”. Meanwhile, UK chip designer Arm is pitching itself as a play on the AI trend ahead of its much-anticipated IPO, reported Bloomberg.

France’s gigafactory ambitions accelerate

France’s dream of becoming a key player in the electric vehicle industry accelerated Tuesday when it inaugurated the first of four planned gigafactories. The facilities, all located in the northern Hauts-de-France region, nicknamed ‘Battery Valley’, should help European automakers to shorten their battery supply chains and reduce their dependence on China. Ahead of the inauguration, Mercedes Benz [MBG.DE] CEO Ola Källenius said it would make the industry “more resilient, competitive, and sustainable”, reported Reuters.

Foxconn raises pay ahead of iPhone 15 production

Apple [AAPL] supplier Hon Hai Precision Industry [2354.TW], known as Foxconn outside of Taiwan, is raising its workers’ pay and bonuses ahead of production for the next iPhone model, due to be released in September. From this week, new employees at Foxconn’s factory in Zhengzhou are entitled to a bonus of up to RMB3,000 if they remain in their jobs for at least 90 days.

Temu’s US demand amid potential TikTok ban

Ecommerce platform Temu, owned by PDD Holdings [PDD], is one of a number of Chinese apps that continue to expand their user base, despite the regulatory scrutiny and potential ban facing ByteDance’s TikTok, according to a CNBC report. Data from Apptopia shows that Temu has had 67 million downloads in the US since its launch in the region, but this pales in comparison to TikTok’s 415 million.

New CFOs at Unilever and Nestle

Fast-moving consumer goods giants Unilever [ULVR.L] and Nestlé [NESN.SW] are appointing new finance chiefs as the food industry tries to get inflation under control. Unilever’s current chief financial officer Graeme Pitkethly plans to retire, while Anna Manz, who heads finance at the London Stock Exchange, will replace Francois-Xavier Roger at Nestlé. Jefferies analysts wrote in a note seen by Bloomberg that they’re “disappointed to see Roger go, as he has built, to our eyes, an effective partnership with Nestlé CEO Mark Schneider.”