5 Top Stories

Can Nvidia Overtake Apple?

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Can Nvidia Overtake Apple?

Following a rally of up to 8%, the chipmaker’s [NVDA] market cap hit a record high of $2.8trn on Tuesday, putting its value a mere $100bn short of Apple’s [AAPL]. Nvidia's stock is up some 13% since it forecast Q2 revenue above Wall Street expectations last week, as well as announcing a stock split. Meanwhile, Apple is to open its first store in Kuala Lumpur, Malaysia, part of its ongoing bid to boost its presence in southeast Asia.

New Tencent Blockbuster

The China tech giant’s [0700:HK] Dungeon & Fighter Mobile is thought to have generated more than $140m in player spending since it was released on 21 May. This makes it one of the most lucrative launches of all time in China, the world’s biggest games market, Bloomberg reported. It has been at the top of download and grossing charts since then, with 2.6 million downloads on iPhones in China, according to Sensor Tower data.

“False and Untrue”: Adani Denies Fintech Speculation

One 97 Communications [PAYTM:NS] has rejected a report in the Times of India speculating that Indian billionaire Gautam Adani was moving to acquire a stake in the company: the “news item is speculative and the Company is not engaged in any discussions in this regard”, the fintech firm said in an exchange filing on Wednesday. Adani has also issued a statement, saying the report was “totally false and untrue”.

Strike, Radiation Leak Add to Samsung’s Travails

National Samsung Electronics Union, the labour union of South Korea’s largest company [005930:KS] has said it is planning to carry out its first strike, after wage negotiations reached an impasse. “What we want is not a 1–2% wage increase. What we want is to be paid fairly for the amount of work done,” the union said in a statement. Meanwhile, South Korea’s nuclear safety authorities are investigating after two employees at a Samsung plant were exposed to radiation on Monday.

Can EU and China Settle Their Differences over EVs?

The European Commission is to enter into talks with Chinese electric vehicle (EV) firms over import tariffs, expected to be announced by 5 June, Reuters reported. Elsewhere, Volkswagen [VOW:DE] is to develop low-cost EVs in a bid to compete with Chinese rivals. Priced at approximately €20,000, the model is slated to launch in 2027. Lastly, Vietnam’s loss-making VinFast [VFS] is considering extending a delay on a planned $4bn factory in North Carolina.

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