FT News Briefing Nvidia closes in on the trillion dollar club
May 26, 2023
Corporate bankruptcies in the US are on the rise, with companies like Vice Media feeling the crunch. Meanwhile, Nvidia is racing towards becoming the first chipmaker to be valued at over $1 trillion, fueled by the AI boom and strong sales forecasts. In Turkey, voters return to the polls as the presidential runoff unfolds, with surprising dynamics affecting candidate support. The intertwining of these financial and political narratives creates a captivating backdrop for understanding today's global landscape.
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Rising Bankruptcies Amid Credit Crunch
- Rising interest rates are increasing bankruptcy filings by large US companies like Vice Media and Envision Healthcare.
- 27 large debtors have already filed this year, exceeding the pace of last year's total of 40.
Turkey's Election Runoff
- Turkey's presidential runoff election will determine if Erdogan extends his 20-year rule or if challenger Kemal Kılıçdaroğlu takes over.
- The first round surprised many, with Erdogan performing better than expected and Kılıçdaroğlu trailing.
Nvidia's Trillion-Dollar Trajectory
- Nvidia's $11B sales forecast shocked Wall Street, indicating a potential trillion-dollar valuation.
- This would make Nvidia the first chipmaker to reach this milestone, joining tech giants like Apple and Microsoft.