Citigroup shares soared to their highest level since 2008 after announcing a $4 billion stock buyback, following strong stress test results. Nvidia's shares jumped as the company secured approval to resume AI chip sales to China, reversing previous government restrictions and potentially boosting revenue significantly. Meanwhile, MP Materials is gaining traction through its partnership with the Pentagon and efforts to reduce reliance on Chinese rare-earth materials, emphasizing the evolving landscape of the stock market.
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insights INSIGHT
Citigroup's Stock Surge and Buybacks
Citigroup shares rose to their highest since 2008 after strong trading and regulatory stress tests.
The bank plans to buy back over $4 billion in shares this quarter, exceeding the first half of the year.
insights INSIGHT
Citigroup Considering Stablecoin Issuance
Citigroup is also exploring issuing its own stablecoin, potentially positioning itself as a banking innovator.
Although details are sparse, this could mark an important step for banks entering crypto.
insights INSIGHT
Nvidia's China Chip Sales Reversal
Nvidia secured US government approval to resume AI chip sales to China, reversing previous restrictions.
This move could add billions to Nvidia's revenue and reopen key sales channels.
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- Citigroup (C) shares rose to the highest level since 2008 after the bank said it would ramp up stock buybacks following a strong result in regulatory stress tests. The company plans to repurchase at least $4 billion of shares this quarter, Chief Financial Officer Mark Mason said Tuesday on a call with analysts. That’s more than the $3.75 billion the firm bought back in the entire first half of the year, and the plans helped push the stock past $90 for the first time since the financial crisis.
- Nvidia (NVDA) shares surged today after the chipmaker along with Advanced Micro Devices (AMD) plan to resume sales of some AI chips in China after securing Washington’s assurances that such shipments would get approved, a dramatic reversal from the Trump administration’s earlier stance on measures designed to limit Beijing’s AI ambitions. US government officials told Nvidia they would green-light export licenses for its H20 artificial intelligence accelerator, the company said in a blog post on Monday — a move that may add billions to Nvidia’s revenue this year, restoring its ability to fulfill orders it had written off as lost due to government restrictions. Nvidia designed the less-advanced H20 chip to comply with earlier China trade curbs from Washington, which Trump’s team tightened in April to block H20 sales to the Asian country without a US permit.
- MP Materials (MP), the rare-earths producer that last week secured backing from the Pentagon, soared in pre-market trading on a report that it reached a deal to supply Apple Inc. The shares jumped as much as 14% to $55.39 after Fox Business said Apple is set to announce a $500 million deal with MP for rare-earth magnets from the company’s Texas facility, citing people familiar with the matter. Apple and MP Materials didn’t immediately respond to requests for comment outside of normal business hours in the US.
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