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5 Top Stories

Samsung: the Next Nvidia Supplier?

Every day, we handpick the 5 Top Stories stock market investors need to know. In 5 minutes, you’ll learn the stocks, CEOs, and money managers moving markets.

Samsung: the Next Nvidia Supplier?

Nvidia CEO Jensen Huang [NVDA] announced Tuesday that his company is working to certify Samsung’s [005930:KS] high-bandwidth memory chips, driving the Korean giant’s share price up as much as 3.6% in early trading Wednesday. Certification would allow Samsung to compete with current Nvidia supplier SK Hynix [000660:KS]. Elsewhere, Kneron, a Qualcomm-backed [QCOM] artificial intelligence (AI) chip startup, on Wednesday launched its latest range of products. The Taiwanese firm aims to challenge Nvidia’s dominance in the space, CNBC reported.

Musk Outlines Nvidia Spend

Some slightly contradictory news from Tesla [TSLA]. On the one hand, leaked emails seem to suggest that CEO Elon Musk diverted a shipment of Nvidia-made AI processors from Tesla to X. On the other hand, on Tuesday Musk posted on X that Tesla will spend $3–4bn on Nvidia hardware this year: “For building the AI training superclusters, Nvidia [sic] hardware is about 2/3 of the cost”, he wrote. Musk has previously committed to an AI spend of some $10bn in 2024.

Can Intel Reclaim Top Spot?

Taiwan’s Vanguard International Semiconductor [5347:TWO], which is part owned by Taiwan Semiconductor Manufacturing Co. [TSM], will collaborate with Dutch chip maker NXP [NXPI] on a $7.8bn plant in Singapore. Meanwhile, Intel [INTC] and Apollo Global Management [APO] have formed a joint venture related to Intel’s fab in Ireland, as the chipmaker moves to regain its place as the world’s number one. “We want to build everybody’s chips, everybody’s AI chips,” CEO Pat Gelsinger told CNBC at the Computex conference on Tuesday.

CrowdStrike Hops 7% on Beat

The cybersecurity company [CRWD] reported Q1 results on Tuesday. Total revenue of $921m exceeded analyst expectations of $904m, reported Seeking Alpha, as did EPS. Total annual recurring revenue ARR — a key metric — grew 33% to $3.7bn. The company’s projections for the next quarter were also higher than anticipated. On Monday, hackers launched a ransomware attack against Synnovis, a partner of the UK’s NHS in London. The cyberattack is one in a series on the health organisation, and underscores the growing relevance of enterprise cybersecurity.

Volvo to Launch ‘EV Battery Passport’

Majority-owned by China’s Geely [0175:HK], Volvo [VOLV-B:ST] sales rose to 68,034 cars in May, a 13% increase on the year-ago period. The firm saw a 27% rise in Europe, driven by its fully electric EX30 model. However, sales fell by 5% in the US and 1% in China, Reuters reported. Volvo is to launch the first-ever electric vehicle battery passport for its flagship EX90 SUV, which is soon to go into production. The passport will record the origins of raw materials and other components.

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