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Tech/Finance

NVIDIA on Top

3-Trillon Dollar Company!

There’s a new top dog on Wall Street, as Nvidia has become the most valuable company. 

Nvidia passed Microsoft for the top spot, after a 3.5% increase that pushed the company’s total market value further above $3 trillion - with a T. 

Exxon Mobil, and even Phillip Morris, were once the top dogs, before both being overtaken by Apple and Microsoft in more recent years. But now they have been passed by too. These developments illustrate the changes in society and the large importance on technology. 

The stock market was once controlled by oil companies and cigarette makers. Then by computer companies. And now, even those are being passed by the more advanced Nvidia, which works in AI.

Amongst other things, Nvidia creates AI chips, which have been the workhorses of this AI boom. The chips are essential in the creation of these sophisticated AI systems that are slowly becoming part of our everyday lives. This surge has been compared to that of the dot-com internet boom from about 20 years ago. 

Nvidia’s revenue has routinely tripled each quarter, as its stock is up nearly 174% this year. Nvidia is responsible for nearly a third of the S&P 500’s entire gain for the calendar year so far. 

(As a side note, when one company is leading such a charge in the stock market, it’s typically a bad sign, proving a fragile market. When more stocks are participating, it signals a healthier market. But we digress…)

In the meantime, enjoy the Nvidia ride into the future of civilization. 

Business

Amazon Workers Join with Union

Talks about Amazon’s labor union (or lack thereof) have been as rapid in recent years as the packages your wife has ordered from the company.

Well this week, Amazon Labor Union members announced their affiliation with the International Brotherhood of Teamsters. ALU, the only union formally representing Amazon’s warehouse workers, agreed to join the Teamsters earlier this month, pending a vote by its members.

This is a big move for the employees, as joining forces with Teamsters, one of the largest labor unions in the country (1.3 million members), provides them with more resources and stronger representation. 

ALU had a landmark victory back in April of 2022 when Amazon’s Staten Island facility voted to join the union, a first for the company. And now those employees are gaining even more power against the conglomerate. 

The Teamsters haven’t gotten this much publicity since Jimmy Hoffa’s disappearance… 

Business

Fisker On His Last Strike

Seriously who’s financing this?

If at first you don’t succeed, try again. If you don’t succeed again, then try another time? We’ll see for Henrik Fisker, a Danish automotive designer and entrepreneur.

Fisker is best known for the luxury cars he designed. He worked for BMW, Ford and Aston Martin. But he hasn’t been as successful on his own.

Fisker founded Fisker Automotive in 2007, but failed to meet production deadlines (despite huge financial backing) and eventually resigned six years later. The company also filed for bankruptcy that year (2013), after spending $1.4 billion. 

New York Times called the company a “debacle” and compared it to Solyndra. 

But Fisker wasn’t deterred. He then co-founded Fisker Inc. with his wife in 2016… which has now filed for bankruptcy. The company, which makes electric cars, reported $273 million in sales in 2023. Pretty good! But they also reported $1 billion of debt… not so good.

Fisker, who was once worth $2.6 billion, also put his $35 million California home on the market.

As they say: fool me once, shame on you. Fool me twice, you’re Henrik Fisker. After blowing through billions of dollars, maybe the third time will be the charm…

Politics

Does Trumps Conviction Matter

His supporters “Nope”, but to the undecided…

Politico Magazine partnered with Ipsos to conduct a new survey, checking to see how the Trump conviction has influenced voters.

What stood out most was the fact that 21% of the independent voters polled said that the conviction made them less likely to support Trump and that it WOULD be an important factor in their vote.

That’s obviously huge, because democrats will vote for the democratic candidate and republicans will vote for the republican candidate, but independent voters can really swing things. Especially for an election that might be as close as this one is expected to be.

However, with that said, the same poll also found that 43% of ALL respondents agreed that the whole rationale for the case against Trump was just to help President Biden. So there might still be plenty of voters in Trump's corner. 

This poll also doesn’t address the fact that Hunter Biden, Joe’s son, has since been convicted too. We’d have to see if/how that affects the feelings of certain voters, as well. 

Overall, 38% of participants said that Trump’s conviction would have no impact on their support for him. 33% said the conviction makes them less likely to support Trump and 17% said the conviction actually makes them more likely to support him.

1,027 adults, 18 or older, were surveyed for this poll. This was the fourth poll Politico and Ipsos have conducted on the Trump prosecutions since last summer. 

And let’s not forget, we’re now just one week away from the first debate between Trump and Biden. If President Biden is already using this conviction in a new ad campaign, which began this week, then just wait until Thursday.

Entertainment

JT, Call an Uber Man

He’s bringing DUI’s back…

Justin Timberlake was arrested around 12:30 in the morning on Tuesday for DWI in the Hamptons, if only there was a service that would come get you from anywhere you are and take you anywhere you want to go.

"A traffic stop was initiated by a police officer from the Sag Harbor Police Department and upon investigation it was determined that Mr. Timberlake was operating his vehicle in an intoxicated condition," the department said in a statement Tuesday afternoon.

Sports

We Lost a Great Man

When you’re arguably the greatest baseball player of all-time and that’s the 2nd best thing you’ve done. You might be Willie Mays.

More sad news from the sports world, as Willie Mays passed away Tuesday at the age of 93.

Mays is regarded by many as the greatest baseball player of all-time. No only for his performance, and the numbers he put up, but also for the flash and style. The best combination of talent and coolness. 

There have been many great players since him who didn’t have the same impact on the baseball community and its fans. Look no further than his godson, Barry Bonds, who was never very well liked, despite becoming the home run king. Or Ted Williams and Pete Rose, maybe the two greatest hitters of all-time, who also were/are never well liked.

Mays still ranks 13th all-time in hits (3,292), 6th all-time in home runs (660), 12th all-time in RBIs (1,909), 4th all-time in total bases (6,080), 7th all-time in runs scored (2,068) and 5th all-time in WAR (156.2).

But consider a few things about these numbers. 1.) He began his career in the Negro Leagues, before debuting in MLB three seasons later. He also missed a year due to Military Service. So these numbers could’ve been even greater.

2.) He played (parts of) 16 of his 23 seasons in San Francisco, where the wind can make it even tougher to hit home runs. And yet, Mays still hit 660. Despite being only 5’10’’ and 170 pounds. He even led the league in homers four times.

3.) His career predates the Gold Glove Award. So despite winning 12, Mays most likely would have retired with even more, had the award begun earlier.

4.) He dealt with vicious racism throughout his career. Jackie Robinson always spoke to the stress it added for him, with many theorizing it contributed to a shorter career and an early death for Robinson. Mays did play 23 seasons, longer than Robinson, but the added stress certainly made it more challenging. There was a point where Mays struggled to even buy a home in San Francisco. 

Amongst all of the accolades, the most impressive might be the fact that he led the National League in “baserunning runs” in 1971… when he was 40. And who could ever forget his most iconic catch, known simply as “The Catch”, from the 1954 World Series. Even though most baseball fans today were not even alive for that play, they still know it. 

Mays is known for his baseball talents, but also his cultural impact. It’s fitting that tonight, his former team, the San Francisco Giants, will be playing at Rickwood Field in Birmingham, Alabama. The same place where Mays played during his Negro League carer.

Sadly, the sports world says goodbye this week to the “Say Hey Kid,” Willie Mays.

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