Nvidia Joins The Trillion-Dollar Club With The Rise Of AI

On Tuesday, Nvidia Corp (NVDA.O) became the first chipmaker to hit a trillion-dollar market value. The company has historically led in AI chips that power chatbot sensation ChatGPT and many other applications.

The latest surge in Nvidia equities that pushed the company beyond the trillion-dollar mark followed its revenue forecast last week that exceeded estimates by more than 50%. By comparison, the second biggest chipmaker in the world - Taiwan Semiconductor Manufacturing Co Ltd - is valued at about $535 billion.

Analysts, Nvidia's AI chip companies have a good chance of growing, as the AI generative technology is still in its infancy and should be widely adopted in the coming years.

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Biden Slams Uganda Anti-Gay Bill

US President Joe Biden hit out at Uganda’s recently passed Anti-Homosexuality Act, claiming it even “jeopardizes the prospects of critical economic growth” for the African country.

“This shameful act is the latest development in a trend of human rights abuses and corruption in Uganda,” Biden said, adding he was weighing up imposing sanctions on Kampala.

Monday’s Act orders the death penalty for “aggravated homosexuality” - same-sex relations with HIV-positive people, children, or the vulnerable - while gay sex was already outlawed, as it is in 32 of 54 African nations.

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Meta Initiates Final Round Of Mass Layoffs

Facebook parent company Meta slashed jobs across its business and operations units on Wednesday, launching the final part of its stated plan to eliminate 10,000 roles.

The job cuts round impacted employees working in marketing, site security, enterprise engineering, program management, content strategy and corporate communications, according to their LinkedIn posts, as cited by Reuters.

Meta shares closed up again on Wednesday after more than doubling in value this year as the company shed another 4,000 jobs in April.

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US Can’t Explain What Happened To Nord Stream — Russia

Washington hasn’t responded to Moscow’s demand to explain what happened to the Nord Stream pipelines after veteran journalist Seymour Hersh published a bombshell report blaming the US for destroying the key gas route, high-ranking Russian diplomat Konstantin Gavrilov has said.

“We haven’t received any clarification yet, and it’s unlikely that we’ll ever get any,” he told Izvestia newspaper on Monday. “There’ll be nothing new [from the US],” added the official, who heads Russia’s delegation at the Vienna talks on military security and arms control.

Gavrilov said he was surprised by the behavior of the EU nations most affected by the sabotage of crucial energy infrastructure, which was built to deliver Russian gas to Europe through Germany.

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Rupee-Ruble Payment Pact Reportedly Suspended

Negotiations between India and Russia on a rupee-ruble payment mechanism have stalled after a year of talks, anonymous officials from the Indian finance ministry have told Reuters.

Russia reportedly does not want a surplus of rupees in its coffers, which stands to reach the equivalent of over $40 billion this year, because of the growing trade imbalance between the two countries. However, an unnamed Russian official cited by the Indian news agency ANI dismissed the claims, dubbing them “wishful thinking” by Western media.

Another reason for the reported suspension of talks is the tedious and expensive currency conversion process. Since the rupee is not fully convertible, the double conversion charges can reach up to 3% of the total transaction value.

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❗️Zelensky’s Press Secretary Comments On Kremlin UAV Attack

“We have no information about the so-called night attacks on the Kremlin, but as Jew Zelensky has repeatedly stated, Ukraine directs all available forces and means to liberate its territories and not to attack others."

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