Nvidia could soon become the world's most valuable company.
That's despite the chipmaker being no household name or big consumer brand such as Apple or Amazon.
Investors are betting the maker of graphics chips will play a crucial role in the AI revolution.
It's a little weird to think a business that many people have never heard of or bought anything from — and has a name they don't know how to say — could soon become the world's most valuable company.
Nvidia stock has surged more than sixfold since the start of last year, catapulting the chipmaker's value to almost $2.8 trillion. It's now worth more than Amazon (about $1.9 trillion) and Alphabet ($2.1 trillion), and could soon leapfrog Apple ($2.9 trillion) and even Microsoft ($3.1 trillion).
The semiconductor giant sticks out from its Big Tech peers, whose products are so integral to daily life. People work, play, and communicate on their iPhones, iPads, and MacBooks. They search on Google, watch YouTube videos, and use Gmail.
An iPad Pro user at Milan Fashion Week.
Melodie Jeng/Getty Images
They scroll Facebook, post on Instagram, and chat on WhatsApp. They shop on Amazon, read books on Kindles, and watch movies and TV shows on Prime Video. They use Windows PCs, rely on applications like Word and Excel, and game on Xbox consoles.
It's a similar story with non-tech titans like Warren Buffett's Berkshire Hathaway, which is worth $870 billion or less than a third of Nvidia. The famed investor's conglomerate owns consumer brands like Geico, Duracell, and Dairy Queen, and holds large stakes in Coca-Cola, Kraft Heinz, and other public companies.
Buffett himself has trumpeted the power of Apple's brand, and how indispensable its products are, as key reasons why he made the tech titan his top holding.
By contrast, Nvidia isn't a household name among people who don't follow the tech sector or stock market. Excluding gamers and computer hobbyists, its products don't touch everyday life in the same way as other mega-cap companies and thus lacks their cultural cachet.
Nvidia ranked 117th on BrandFinance's annual ranking of global brands in 2023. It jumped to 30th spot this year, but still trailed the likes of Allianz and UnitedHealthcare. Apple, Microsoft, Google, and Amazon took the top four spots.
Jensen Huang is CEO and cofounder of Nvidia.
Justin Sullivan/Getty Images
Huge demand
Of course, Nvidia's monster valuation is pricing in investors' expectations that it will become critical to society in the future. They're betting its chips will be vital to the artificial-intelligence revolution, and become ubiquitous in smart devices and the data centers connecting them.
Nvidia's graphics chips may be niche among consumers, but there's huge demand for them from companies such as Meta. As a result, Nvidia's revenue more than doubled to $61 billion last year, fueling a nearly sevenfold rise in net income to $30 billion.
For comparison, Apple's sales hit $383 billion and profits were $97 billion last financial year, but it's growing far more slowly.
It'll be fascinating to see whether Nvidia becomes a major consumer brand over time, or keeps powering other companies' AI efforts while largely staying out of the spotlight.
Renderings of the design show several tray tables available.
Courtesy of the Crystal Cabin Awards
Aircraft service provider Ameco created the "Fly-Buddy Hub," an economy concept with lie-flat beds.
The six-seater design is described as a "versatile social hub" for families or business groups.
Adding lie-flat beds to economy is not new, with Air New Zealand pioneering the idea back in 2011.
Lie-flat beds have historically been reserved for business and first-class travelers, but Chinese aircraft services provider Ameco has developed a new bed-equipped product called the "Fly-Buddy Hub."
The concept, which arranges two rows of six seats facing each other across a table, was selected as a finalist for this year's Crystal Cabin Awards.
This "versatile social hub" resembles the classic quad-seating on a train, but the tray tables retract, allowing the rows to convert into beds.
The rendering shows how the bed would be created by raising the leg rests. It appears there is storage under the seats.
Courtesy of the Crystal Cabin Awards
Ameco design department manager Ping Li told CNN Travel that the spacious seat caters to families or business groups as multiple people can dine, socialize, or meet during the flight.
But the amenities don't appear to stop there.
Based on Ameco's renderings, a stowable television can be installed next to the windows for gaming and streaming.
Ameco's six-seat economy cabin concept.
Courtesy of the Crystal Cabin Awards
A similar "gamer class" idea was thought up by English startup carrier Global Airlines, a yet-to-fly company hoping to operate Airbus A380s across the Atlantic. However, the company has since removed the renderings from its website — suggesting such an ambitious cabin may be too costly to sustain.
Still, Ameco's innovative concept is nothing to balk at, considering some carriers are already flying with lie-flat beds in economy class.
The bunks may be a cheaper option than the company's Skycouch, which can cost upwards of $1800 for one person on a flight from Auckland to New York in February 2023, according to the ANZ website.
Air New Zealand
The bed, which is an add-on cost, comes with linens and an appropriately named "cuddle belt" — something two passengers flying together can use to buckle up when sleeping.
With the success of the Skycouch, ANZ is adding another concept to its line-up of innovative economy cabins: the Skynest.
The Skynest is expected to be an add-on perk that will be around $400, ANZ told Business Insider in 2022, but it could be more or less by the time it rolls out.
Air New Zealand
The triple bunk beds don't have televisions but offer a long, lie-flat bed and linens for passengers to sleep.
The design is expected to be deployed on new Boeing 787 Dreamliners in 2025 and will be available to economy flyers in four-hour sessions.
Google CEO Sundar Pichai discussed new AI tools and updates during the company's Google I/O 2024 keynote speech.
Google
The Google I/O conference takes place every year in California, typically in May.
Google I/O is a flagship event for developers, featuring Google's latest updates and launches.
Here's what went down at Google I/O in the last few years and how to watch it every year.
Google's annual developer conference, called Google I/O, is Google's flagship event for developers. It's where the company shares its latest updates and makes major announcements, including launching new products and services.
As Google's Chaim Gartenberg put it in a company blog post, "Googlers — and the world — expect at least a little magic from I/O."
The event features a range of speakers, including Google's CEO, VPs from across the company, and executives from branches like Google DeepMind, Android, and Google Labs.
Here's everything to know about the annual developer conference and a timeline of major announcements made at the event over the years.
What is Google I/O?
Google I/O is the company's most important annual event for developers.
"I/O is representative of everything that Google has to offer for developers and beyond," Mike Pegg, who previously helped lead I/O, said in a company blog post. "It's when we share what we're working on with the world, and we've had some incredible moments over the years, like when Android launched in 2008, or when support for HTML 5 was announced in 2011."
The Google I/O conference includes launch announcements and product and software demonstrations.
Josh Edelson/AFP via Getty Images
Following the event, Google offers I/O Connect, which is a hands-on, in-person developer event series focused on demos and live sessions from the event's updates.
Google also offers I/O Extended, which are global, community-hosted events by Google Developer Groups. These events are held throughout May and June around the world, from Chicago to Santa Cruz and Brazil.
What does I/O stand for?
When Google launched its first I/O in 2007, it was called "Google Developer Day."
So how did it get this obscure name?
If you look up what I/O stands for on search, you'll find two definitions. The first is that I/O stands for "input/output," referencing the concept of interfacing between a computer system and the outside world. The second is that I/O stands for "innovation in the open."
The tech giant cleared up the confusion in a blog post for Google I/O 2023 — and it turns out both meanings are accurate.
The name I/O was originally based on the numerical value googol, which is a one followed by 100 zeros. Google took the first one and zero to create the event's logo. Then, as the company brainstormed what the one and zero could represent, it came up with "input/output" and "innovation in the open."
Google director of events and experiences Lorin Platto said in the post that the intent was to make it stick with developers, "so the name 'Google I/O' was almost like a puzzle to figure out."
Google also now releases actual puzzles every year for developers to figure out the event date.
How to watch the Google I/O keynote
Google CEO Sundar Pichai usually delivers the keynote speech at each year's Google I/O conference.
Justin Sullivan/Getty Images
The main Google I/O keynote typically takes place in May and lasts about two hours. The event is open to a small in-person audience and also livestreamed online. You can register for Google I/O to stay up to date with the content and schedule. You can also create a developer profile to save and view content.
Even if you don't register, you can watch the full keynote on YouTube, and you can find out more about each annual event by looking up "Google I/O" followed by the year. Each event has a dedicated site with links to the keynote livestream and other workshops that take place during the conference. You can also watch shorter recaps to get a quick version of the most important updates.
Google I/O announcements history
2024
At Google I/O 2024, which took place on May 14, CEO Sundar Pichai declared Google was fully in its "Gemini era."
Pichai also described new AI-powered features coming to Google Photos that could pull information from images and help summarize photo memories.
Demis Hassabis, the head of Google DeepMind, made his debut at the event to announce "Project Astra," a prototype AI agent that can use video and voice features.
The Project Astra demo featured a Google employee walking through the DeepMind office in London. At first the employee used the agent on her phone, but she then switched to a pair of prototype smart glasses, calling to mind the discontinued Google Glass.
The company also provided a glimpse at what the new Google Search looks like with generative AI, Android AI tools like "Circle to Search," and custom Gemini bots called "Gems."
The event's theme was clear, with Pichai revealing at the end that the word "AI" was said 120 times during the keynote.
2023
Google I/O 2023 marked the event's 15th anniversary. The company revealed generative AI updates and tools and announced that it would integrate its big AI model, PaLM 2, into its AI offerings.
For example, you could use Google Lens to point your camera at objects and ask Google's AI assistant to write captions for them. You could also ask the chatbot to create speaker notes based on images you insert into a Google Slides presentation.
Google also announced visual updates to its Gemini AI (then known as Bard) and opened it up to over 180 countries and territories.
2022
A major highlight of Google I/O 2022 was the unveiling of its latest affordable smartphone, the Pixel 6a.
The company also added 24 new languages to Google Translate, advanced Google Maps to show more locations and detailed imagery, automated summarization for Google Docs and other apps in Workspace, and launched LaMDA, their "breakthrough conversation technology" at the time.
2021
A notable moment at Google I/O 2021 was Pichai's demo of its new LaMDA AI language model for dialogue applications, which included a conversation with Pluto and a paper airplane.
The demo showed a conversation between Pluto and a paper airplane.
Google
Google also revealed Android 12's "Material You," which updated the design of Androids and gave users the opportunity to change system colors.
Google also announced updates to Maps, including indoor access and eco-friendly route suggestions. It also announced a partnership between Samsung's Tizen and Google's Wear, which resulted in longer battery life for Google-powered smartwatches.
2020
2020 marked a big year for Google I/O — but not because of the announcements. Google canceled the event at its usual Shoreline Amphitheatre location due to the pandemic. The virtual event was later canceled as well.
2019
During the event, Google unveiled the cheaper version of its flagship smartphone, Pixel 3a. The smartphone started at $399 and has a similar camera to the Pixel 3, supporting features like Portrait Mode. It also offered updates on Android Q and announced a new smart home device called Nest Hub Max.
It also had Google Lens updates, like the ability to split the bill and calculate the tip at a restaurant if you point the lens to your check.
2017
Google shared 101 announcements at Google I/O in 2017, according to a blog post from the company.
Google Lens was the biggest announcement. The technology is embedded in different Google apps and allows you to recognize objects and places. For example, you can point your phone at a WiFi router and Lens will show you your saved password. Or you can point your phone at a restaurant on the street and it will pull up information about the restaurant.
Google Home also announced several new updates, including Hands-Free Calling, which recognizes the user's voice and allows you to call anyone in the US or Canada for free.
2016
At its 2016 I/O event, Pichai focused on Google's plans to incorporate AI into its offerings.
The tech giant also launched Google Home, a smart speaker with Google's new virtual assistant. The technology is a similar product to Amazon Echo, responding to voice commands and performing tasks like playing a song or sharing the weather forecast.
It also released two messaging platforms: Allo and Duo. Allo was an instant messaging app that has since been discontinued, and Duo was a video chat platform that merged with Google Meet.
2015
Google's 2015 I/O keynote focused mainly on Android updates, like Android Pay, its new digital wallet similar to Apple Pay. It also introduced Doze, which saves battery by using motion detection to go into a deeper sleep if inactive for a certain amount of time.
Now on Tap was another Android update that allows users to hold the home button to bring up information related to what they're seeing on the screen. It also announced a revamped Google Photos app with an unlimited number of photos and videos for free sorted by timestamp and location.
Google also announced offline maps and Chrome in developing countries to make these offerings more accessible for people with poor connections.
2014
At Google I/O 2014, the tech giant revealed its latest version of Android, Android L. The new "Material Design" had a cleaner look with some shadows, layers, and animations.
Google also gave demos of Android Wear and announced LG and Samsung now have Android Wear watches available.
Google also announced Android TV, a new platform for TVs, its second attempt at creating TV software. The new platform for TVs lets users voice-search to find content and integrates Chromecast, which has features like setting your own photos as the background of your TV.
2013
Google updated some of its key products at I/O 2013, like Google Maps and Google+. It also released a streaming music service competitor to Spotify called Google Music All Access, which was priced at $9.99 per month.
The biggest surprise of the event was Larry Page, the CEO at the time, who appeared for a live Q&A and gave a speech about the future of technology.
2012
Google I/O in 2012 hosted 6,000 in-person attendees, according to a recap of the event. Google announced its latest milestone at the event: One million Android devices are activated every day. Other Google product announcements that year included Nexus 7, a seven-inch tablet running Android 14.1.
Project Glass was one of the biggest updates at Google I/O in 2012. Google had reportedly worked on the computerized glasses for a few years and announced they would become available in early 2013. The product has since been discontinued, but there may be a new version of it coming to market in the future.
2011
Google announced an upgrade to Honeycomb, which it rolled out the day of the event to Verizon customers and allowed for more efficient app switching.
It also had several updates to Google TV and came out with Music beta by Google, which allowed users to build playlists based on any song they picked.
Google also announced Android devices could now act as USB hosts, which was a big step forward in importing content like photos.
2010
Google I/O 2010 was the company's first attempt at merging TV with the internet. Although unsuccessful, it marked an important step forward in the future of smart TV.
Google I/O 2010 also reveals how fun some of the names of Google products used to be, like Android Froyo, which brought faster speed and mobile hotspot.
Google claimed Froyo had the fastest browser and demonstrated it next to an Eclair phone and an iPad. Google also announced a Chrome Web Store to make a market for browser apps.
2009
Google I/O in 2009 focused on developer tools, especially for app creation. The company also introduced Google Web Elements, which let users embed Google products on their pages, like YouTube videos.
It also revealed Google Wave, a cloud service that let users exchange messages and media or collaborate on documents. Wave was discontinued a little over a year later, in 2010.
2008
Google I/O in 2008 marked the launch of the Android platform, which was a major step forward in the evolution of smartphones.
Google also announced the app engine, which was a platform for developing apps.
2007
Google held its first developers event in 2007, but the name at the time was "Google Developer Day" rather than I/O, and the event's structure was also different. Google held developer gatherings worldwide that were focused on educating groups on Google's technologies.
"Indeed, great damage was done today to the public's faith in the American legal system," the Tesla chief wrote in a post on X.
"If a former President can be criminally convicted over such a trivial matter — motivated by politics, rather than justice — then anyone is at risk of a similar fate," Musk added.
Musk's comments came after a Manhattan jury convicted Trump of 34 counts of falsifying business records in his hush-money trial on Thursday. This verdict means Trump is officially a felon and will now face sentencing on July 11.
Earlier on Thursday night, Musk also commented on a post written by Gov. Ron DeSantis of Florida, a one-time political protégé of Trump's.
In that post, DeSantis claimed the legal process had been weaponized to prevent Trump from clinching a second term — an argument big voices in the MAGA base have often trotted out.
"I think any objective person would have to agree with @GovRonDeSantis here," wrote Bill Ackman.
"Troubling indeed. The American people as a whole should decide who is president," Musk wrote in response to Ackman and DeSantis.
Porn star Stormy Daniels said she had an affair with Donald Trump in 2006, which Trump has denied.
She's at the center of Donald Trump's trial in New York related to a $130,000 hush-money payment.
A Manhattan jury found Trump guilty on all 34 charges of falsifying business records on May 30, 2024.
Porn star Stormy Daniels, whose real name is Stephanie Clifford, is at the heart of the years-long investigation into former President Donald Trump's finances — a probe that led to the unprecedented indictment of Trump earlier this year.
Adult film actress/director Stormy Daniels attends a signing for her book "Full Disclosure" at the 2019 AVN Adult Entertainment Expo at the Hard Rock Hotel & Casino on January 26, 2019 in Las Vegas, Nevada.
Photo by Gabe Ginsberg/FilmMagic
Porn star and director Stormy Daniels says she met President Donald Trump at a celebrity golf tournament in Lake Tahoe in July 2006, and the two allegedly began an affair. He was married to Melania Trump at the time, who had just given birth to their son Barron.
Just weeks before the 2016 presidential election, Trump's longtime personal lawyer Michael Cohen paid $130,000 so Daniels would keep silent about the alleged affair, which Trump has denied.
In January 2018, news of the hush money broke, and Daniels was thrust into the national spotlight.
Stormy Daniels attends a signing for Comedian Dane Cook's new CD/DVD 'Retaliation' at Tower Records on July 27, 2005 in Hollywood California.
Matthew Simmons/Getty
She started stripping as a teenager and soon entered the porn business.
Adult film actress Stormy Daniels presents a creation by Junker Designs during a fashion show debuting the company's new collection at the Rainbow Bar & Grill as part of the MAGIC convention August 28, 2006 in Las Vegas, Nevada.
Ethan Miller/Getty
In 2002, she became the lead actress in a film for Wicked Pictures, a porn movie studio based in California.
Daniels and comedian Emcee Pete Giovine greet fans in Las Vegas.
Ethan Miller/Getty
She has won numerous awards for her roles as both a performer and a director in adult scenes and films.
Daniels and musician Dave Navarropose on the press line at the premiere of "Forgetting Sarah Marshall" in Los Angeles on April 10, 2008.
Dan Steinberg/AP
She has also had minor roles in more mainstream movies, including "The 40-Year-Old Virgin," "Knocked Up," and "Finding Bliss." She appeared in the Maroon 5 music video "Wake Up Call" in 2007.
Stormy Daniels arrives for the 49th Annual Grammy Awards on Sunday, Feb. 11, 2007, in Los Angeles.
Daniels with her former husband and actor, Mike Moz.
Wikipedia Commons
Her current husband is fellow adult film actor Barrett Blade.
Adult film actress/director Stormy Daniels (L) is kissed by adult film actor/director Barrett Blade as they attend the 2023 Adult Video News Awards at Resorts World Las Vegas on January 07, 2023 in Las Vegas, Nevada.
Before her marriage to Blade and ex-husband Brendan Miller, Daniels stirred a bit of controversy after it was revealed that she was having a baby girl with her former boyfriend.
In a 2012 interview, she addressed those who thought she was not fit to be a mother: "It’s just all the negativity towards the adult industry in general, or people's fear," she said.
Stormy Daniels arrives at the 50th annual Grammy awards held at the Staples Center on February 10, 2008 in Los Angeles, California.
In 2009, she considered entering politics and challenging Sen. David Vitter of Louisiana, who had been accused of engaging with a prostitute, for his seat. She told a reporter at the time that while she doesn't think she's the best person for the job, "I just think I'm a better choice than the senator they already have."
Adult film star Stormy Daniels, left, signs autographs at the AVN Adult Entertainment Expo in Las Vegas, Sunday, Jan. 11, 2009.
Stormy Daniels visits a local restaurant in downtown New Orleans, Wednesday, May 6, 2009.
Bill Haber/AP
But in January 2018, she reemerged on the political scene, although perhaps not the way she had planned. The Wall Street Journal reported that she was paid more than $100,000 in hush money over an alleged sexual encounter with President Donald Trump over a decade ago.
Stormy Daniels visits a local restaurant in downtown New Orleans, Wednesday, May 6, 2009.
In an interview on "Jimmy Kimmel Live!" after Trump's 2018 State of the Union speech, Daniels refused to answer questions about the payment. Trump's personal lawyer, Michael Cohen, initially denied the existence of any payment.
In February 2018, Cohen admitted that he personally paid Daniels the money.
Michael Cohen, Donald Trump's personal lawyer, arrives in Trump Tower in New York City.
Stephanie Keith/Reuters
"Neither the Trump Organization nor the Trump campaign was a party to the transaction with Ms. Clifford, and neither reimbursed me for the payment, either directly or indirectly," Cohen said. "The payment to Ms. Clifford was lawful, and was not a campaign contribution or a campaign expenditure by anyone."
President Donald Trump and first lady Melania Trump.
Drew Angerer/Getty Images
In response, Daniels' manager said Cohen's admission invalidates a non-disclosure agreement her client signed that forbid her from speaking publicly about the money. The manager said things have changed. "Everything is off now, and Stormy is going to tell her story."
Adult film star Stormy Daniels arrives at the 50th Grammy Awards in Los Angeles February 10, 2008.
Then on March 6, 2018, Daniels sued Trump, arguing that he never signed his portion of the agreement. The lawsuit also said "attempts to intimidate Ms. Clifford into silence and 'shut her up' in order to 'protect Mr. Trump' continue unabated."
Adult film actress Stormy Daniels arrives at the 24th annual Adult Video News Awards Show at the Mandalay Bay Events Center January 13, 2007 in Las Vegas, Nevada.
Daniels began to tell her side of the story about her and Trump's alleged 2006 affair in a "60 Minutes" interview that aired on March 25, 2018.
Adult film actress and director Stormy Daniels hosts a Super Bowl party at Sapphire Las Vegas Gentlemen's Club in Las Vegas, Nevada on February 4, 2018.
She told Anderson Cooper a man threatened to keep quiet about her relationship with Trump in a Las Vegas parking lot in 2011. Daniels also wouldn't rule out that there may be photos or videos proving she had an affair with Trump.
In April, 2018, Trump publicly acknowledged the $130,000 payment to Daniels for the first time by denying he knew about the payment or where the money came from.
President Donald Trump answers a reporter's question as eight different phones and recording devices placed on his desk by reporters and White House staff members record his words in the Oval Office of the White House.
The FBI seized records of the $130,000 payment to Daniels and recordings of phone calls between Cohen and Daniels' lawyer during a raid on Cohen's office and home in April 2018.
Also in that month, Daniels released a sketch of the man she says threatened her in a Las Vegas parking lot to stay quiet about her affair with Trump in 2011.
A sketch of the man Stormy Daniels says threatened her in a parking lot in 2011.
Outside of a Manhattan courthouse, Daniels said Cohen "acted like he is above the law" and "played by a different set of rules." "That ends now," Daniels said.
Stormy Daniels, accompanied by her attorney, Michael Avenatti, talks to the media as she leaves federal court on April 16, 2018 in New York.
In a stunning admission, Trump's lawyer Rudy Giuliani said the president was aware of the $130,000 payment to Daniels at the time and reimbursed Cohen in installments over several months as part of Cohen's salary.
Trump responded to Giuliani's comments by saying that the payment was legal and that his lawyer would "get his facts straight" on the Daniels case.
President Donald Trump speaks at a rally to show support for Ohio Republican congressional candidate Troy Balderson on August 4, 2018 in Lewis Center, Ohio. Balderson faces Democratic challenger Danny O'Connor for Ohio's 12th Congressional District on Tuesday.
In a highly criticized statement, Giuliani took aim at Daniels' credibility: "If you're a feminist and you support the porn industry, you should turn in your credentials. I respect women—beautiful women and women with value — but a woman who sells her body for sexual exploitation I don't respect."
Avenatti described the arrest as a "setup" that he says was "politically motivated." The prosecutors later dropped all three misdemeanor charges against her.
Stormy Daniels arrives at federal court on April 16, 2018, in New York.
On August 21, 2018, Cohen struck a deal with prosecutors to plead guilty to eight federal crimes, including one count of making an illegal campaign finance contribution.
Cohen said in his guilty plea that Trump directed him to make the illegal campaign contribution to Daniels in order to influence the election. Trump has called Cohen a liar, and accused him of making up the story to get a plea deal.
President Donald Trump speaks to the media after he steps off Air Force One, Tuesday, Aug. 21, 2018, in Charleston, W.Va.
Daniels celebrated the news by tweeting: "How ya like me now?! #teamstormy."
Adult film actress/director Stormy Daniels attends the 2018 Adult Video News Awards at the Hard Rock Hotel & Casino on January 27, 2018 in Las Vegas, Nevada.
When Fox News' Ainsley Earhardt asked whether he knew about Cohen's payments to Daniels and the former Playboy model Karen McDougal, Trump said he knew "later on." "They didn't come out of the campaign — they came from me," Trump said.
President Donald Trump appears on "Fox & Friends" with host Ainsley Earhardt.
In a statement to NBC News, Daniels said: "Michael and I are vindicated and we look forward to the apologies from the people who claimed we were wrong."
But in June 2022, Avenatti was sentenced to four years in prison after a judge convicted the lawyer of embezzling nearly $300,000 from Daniels.
Adult film actress Stormy Daniels, real name Stephanie Clifford, speaks to media with lawyer Michael Avenatti outside federal court in Manhattan on April 16, 2018.
On March 15, 2023, Daniels made a surprise appearance at the Manhattan DA's office. The meeting came as prosecutors approached the final stages of a years-long investigation into the hush-money payment and Trump's alleged role in facilitating it.
Stormy Daniels at an adult entertainment fair in Berlin on October 18, 2018.
In late March 2023, Trump was indicted by a Manhattan grand jury after a five-year investigation into his finances, with charges stemming from the $130,000 payment to Daniels.
Donald Trump speaks during his meeting with Nato Secretary General Jens Stoltenberg at Winfield House, London on December 3, 2019.
NICHOLAS KAMM/AFP via Getty Images
Daniels called the unprecedented indictment "poetic" but "bittersweet," saying "Trump is no longer untouchable.
LOS ANGELES, CALIFORNIA – MAY 11: Stormy Daniels attends the Los Angeles Premiere Of Neon's "Pleasure" at Linwood Dunn Theater on May 11, 2022 in Los Angeles, California.
The former president surrendered himself to the Manhattan district attorney's office on April 4, 2023, where he was booked and arraigned on the historic indictment, pleading not guilty to 34 felony charges.
Former U.S. President Donald Trump waves as he arrives at the Manhattan Criminal Court on April 4, 2023.
Kena Betancur/Getty Images
The hush-money trial kicked off April 15, 2024, and Daniels took the stand.
A courtroom sketch of Stormy Daniels being questioned by assistant district attorney Susan Hoffinger as former President Donald Trump looks on.
Elizabeth Williams/Associated Press
Daniels' testimony included new details about when she says she met Trump at a golf tournament in Lake Tahoe in 2006. She said she went to his hotel suite that night after accepting a dinner invitation.
Daniels testified that she and Trump had sex and that afterward, she felt scared and ashamed.
She said she and Trump kept in touch afterward and even met in person occasionally, though she said they did not have sex again.
In her cross-examination of Daniels, Trump's lawyer, Susan Necheles, said, "Am I correct that you hate President Trump?"
"Correct," Daniels said.
Editor's note: This story has been updated.
The jury found Trump guilty on all 34 charges of falsifying business records.
Former President Donald Trump.
Scott Olson/Getty Images
The Manhattan jury deliberated for less than 10 hours over two days before delivering 34 guilty verdicts on May 30, 2024.
Fortescue Ltd (ASX: FMG) shares were under pressure this week.
So much so, the iron ore giant’s shares lost over 7% of their value across the five days.
This compares to a 0.9% decline by the ASX 200 index over the same period.
Is this a buying opportunity for Fortescue shares?
According to a recent note out of Bell Potter, its analysts think investors should be keeping their powder dry and waiting for a better entry point.
The broker has put a sell rating and $20.63 price target on the miner’s shares. This implies potential downside of approximately 16.5% for investors over the next 12 months.
And while Bell Potter is expecting a decent dividend yield in the region of 7% for investors between now and this time next year, this only limits the potential downside to around 10%.
The note reveals that Bell Potter was unimpressed with the company’s performance during the last quarter. It highlights that Fortescue recorded its “biggest miss” in a decade, which means that a stunning final quarter will be required to turn things around. It said:
While we had been expecting a seasonally soft quarter exacerbated by the derailment, this result was below our expectations and was in fact the biggest quarterly production miss (11% below guidance midpoint) in over a decade (42 quarters). FMG needs to ship 54.2Mt (+25% qoq) in order to meet the 192Mt low end of FY24 production guidance. This would also be a quarterly record, 10% above the previous best of 49.45Mt. This is not to say it can’t be done: in the month of March, FMG achieved record shipments of 18.7Mt (~56Mt quarterly run-rate). Still, the March quarter production result was the biggest miss in 10 years and FMG now requires its biggest beat in 10 years. Inherently, we see the production risk skewed to the downside and forecast ore shipments of 189Mt for FY24.
In light of the above and due to concerns over subdued steel demand, the broker feels that Fortescue shares are overvalued now. It concludes:
Our NPVbased valuation is lowered 6% to $20.63/sh. We continue to see low growth in global steel demand and downside risks dominating the iron ore price outlook. In addition to this we now see the risk of a production guidance miss as being further elevated after the March 2024 quarter result. Dividend yield as a price support remains a factor, but this will fall away with a lower iron ore price. We retain our Sell recommendation.
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The online investing service heâs run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
And right now, Scott thinks there are 5 stocks that may be better buys…
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
It was another good day for Hub24 Ltd (ASX: HUB) shareholders on Friday.
That’s because the ASX 200 stock climbed to a record high of $43.08 during the session.
When the financial technology company’s shares hit that level, it meant they were up almost 20% this year.
But things are even better if you step back a little further. On a 12-month basis this ASX 200 stock is up over 70% and on a five-year basis it is now up over 200%.
In respect to the latter, a $10,000 investment back in 2019 would now be worth approximately $30,000.
What is this ASX 200 stock?
HUB24 is a financial technology company behind the HUB24 platform, HUBconnect, the Xplore Wealth platform, Class, and myprosperity.
Its key HUB24 platform offers advisers and their clients a comprehensive range of investment options. This includes market-leading managed portfolio solutions, and enhanced transaction and reporting functionality.
Management notes that as one of the fastest growing platforms in the market, the HUB24 platform is recognised for providing choice and innovative product solutions that create value for advisers and their clients.
Its HUBconnect offering focuses on leveraging data and technology to provide solutions to common challenges for stockbrokers, licensees and advisers. It also enables the delivery of professional advice to more Australians.
Class, which was acquired in 2022, is a cloud-based wealth accounting software company and has been recognised as one of Australia’s most innovative technology companies. It delivers SMSF administration, trust accounting, portfolio management, legal documentation and corporate compliance solutions to financial professionals across Australia.
Finally, Myprosperity is a leading provider of client portals for accountants and financial advisers. It enables streamlined service delivery, increased productivity and enhanced customer experience for finance professionals and their clients.
Across these businesses, HUB24 has $79.7 billion in Platform funds under administration (FUA) and total FUA of $100 billion.
Can HUB24 shares keep rising?
Unfortunately for shareholders, the broker community appears to believe that this ASX 200 stock could be close to peaking for the time being.
For example, a note out of Citi from earlier this month revealed that it has a buy rating and $42.80 price target. This is in line with where its shares currently trade.
Elsewhere, Macquarie and Ord Minnett currently have overweight and buy ratings on its shares with price targets of $44.00. This offers modest upside of approximately 3% from where its shares closed on Friday.
Should you invest $1,000 in Hub24 Limited right now?
Before you buy Hub24 Limited shares, consider this:
Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Hub24 Limited wasn’t one of them.
The online investing service heâs run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
And right now, Scott thinks there are 5 stocks that may be better buys…
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Hub24. The Motley Fool Australia has recommended Hub24. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The Lovisa Holdings Ltd (ASX: LOV) share price has surged an impressive 66% over the past 12 months, touching a new record high of $34.04 in mid-afternoon trading today.
Shares in the ASX retail stock began to climb in November last year after hitting a 52-week closing low of $17.22 on October 30.
They tracked sideways from January and then broke above the $30 barrier in late February, reaching a prior all-time closing high of $33.22 on 11 April. After peaking at today’s all-time record high, the Lovisa share price has retreated slightly to close at $33.91 on Friday.
So, what has driven this remarkable performance, and should you consider adding Lovisa shares to your portfolio?
Why has the Lovisa share price surged 66% in a year?
Lovisa Holdings is a fashion jewellery retailer with a multinational presence in Australia and more than 20 other countries. Founded in 2010, the company now boasts around 860 locations owned by itself and through franchisees.
The company is well-known for its affordable jewellery ranges while still emphasising quality and style.
Lovisa’s share price has substantially increased over the last year for two reasons: strong growth in its store network and e-commerce platforms and positive analyst sentiment.
Bell Potter â which has maintained a buy rating on Lovisa shares and upgraded its price target to $36 apiece â said the company’s store network was expanding faster in new markets than previously anticipated.
It analysed data from various global markets and projected that Lovisa could grow its store network by 10% annually between FY 2024 and FY 2034.
Additionally, Lovisa has been building momentum on its e-commerce platforms in Australia and the United States compared to its peers. If the company hits these growth numbers, it could contribute to increased earnings and, potentially, market valuation.
Recent financial performance
Lovisa reported its H1 FY 2024 financial results in February. The company grew revenues 18% year over year, leading to an 18.9% increase in gross profit. The gross profit margin also rose by 40 basis points to 80.7%.
Comparable store sales for the same period increased by 0.3% year over year, while total sales rose by 19.6% compared to the previous year.
What’s next for the Lovisa share price?
With the Lovisa share price hitting new highs and strong growth prospects ahead, investors are watching closely as the company continues to execute its expansion plans and e-commerce strategy.
Lovisa CEO Victor Herrero said in the H1 FY 2024 results that the company was looking to “move forward with growth in both existing and new markets”.
To that point, it had already opened nine new stores in H2 FY 2024, bringing the total network to 860 sites.
Bell Potter’s positive outlook underscores confidence in Lovisa’s ability to continue growing revenues for the coming decade.
Foolish takeaway
Lovisa shares have surged 66% over the past year, reaching a new 52-week high, driven by robust financial performance and positive analyst sentiment.
For investors seeking growth opportunities in the retail sector, Lovisa could be an appealing investment case, given its strong financial performance and expansion plans.
However, as with any investment decision, it’s important to conduct thorough research and consider your own financial goals.
Should you invest $1,000 in Lovisa Holdings Limited right now?
Before you buy Lovisa Holdings Limited shares, consider this:
Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Lovisa Holdings Limited wasn’t one of them.
The online investing service heâs run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
And right now, Scott thinks there are 5 stocks that may be better buys…
Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Lovisa. The Motley Fool Australia has recommended Lovisa. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
"People have been claiming YC fired Sam Altman. That's not true," Graham wrote on X, formerly Twitter.
Altman's departure, Graham said, was because they needed someone who could run Y Combinator full-time.
"For several years, he was running both YC and OpenAI, but when OpenAI announced that it was going to have a for-profit subsidiary and that Sam was going to be the CEO, we (specifically Jessica) told him that if he was going to work full-time on OpenAI, we should find someone else to run YC, and he agreed," Graham said, referencing his cofounder and wife Jessica Livingston.
"If he'd said that he was going to find someone else to be CEO of OpenAI so that he could focus 100% on YC, we'd have been fine with that too," Graham added. "We didn't want him to leave, just to choose one or the other."
Graham's remarks contradicted earlier reports by outlets such as The Wall Street Journal and The Washington Post last year. Both outlets reported that Altman was asked to leave the organization for favoring his personal interests over Y Combinator's.
Representatives for Altman and Y Combinator did not immediately respond to requests for comment from BI sent outside regular business hours.
The news surrounding Altman's time at Y Combinator comes amid heightened interest in his leadership of OpenAI. Altman was briefly fired as CEO in November after OpenAI's board said he was "not consistently candid in his communications" with it.
Former OpenAI board member Helen Toner said in an interview on "The TED AI Show" this week that Altman was a deceptive figure who'd lied to the board "multiple" times.
"For years, Sam had made it really difficult for the board to actually do that job by withholding information, misrepresenting things that were happening at the company, in some cases outright lying to the board," Toner said.
Toner had made similar accusations in an op-ed she'd cowritten with another former board member, Tasha McCauley. The piece, which The Economist published on Sunday, said that OpenAI couldn't be trusted to govern itself with Altman at the helm.
On Thursday, current OpenAI board members Bret Taylor and Larry Summers wrote a rebuttal to Toner and McCauley, which was also published in The Economist.
"We do not accept the claims made by Ms Toner and Ms McCauley regarding events at OpenAI," Taylor and Summers wrote.
"That said, we share Ms Toner's and Ms McCauley's view—and the company and Mr Altman have continually stated—that the evolution of AI represents a major development in human history," the pair added. "In democratic societies, accountability to government and government regulation is essential."
Liz Reid at the Google I/O conference in May 2024.
Google
Google is scaling back AI-generated answers in search results due to errors and criticism.
The AI Overviews feature, launched two weeks ago, faced backlash for false and absurd responses.
Google is implementing changes to detect nonsensical queries and limit content from forums.
Google is pulling back the use of AI-generated answers in search results after the feature made some infamous errors, including telling users to put glue in their pizza sauce.
Google launched AI Overviews, which put AI-generated summaries of search results on the top of the page for US users, two weeks ago. Over the last few days, users, including an SEO expert, noticed fewer AI overviews and suspected that the tech giant was taking them down a notch after criticisms. It is not possible to turn off the AI feature while using the search engine.
Google's head of search, Liz Reid, confirmed in a blog post on Thursday that the company is addressing some of these issues.
The changes come after recent examples of AI overviews going haywire— and faked pictures of the feature — flooded the internet. These included responses claiming Barack Obama was a Muslim president, that Africa has no countries beginning with the letter K, and that people should eat "at least one small rock per day."
Google's new guardrails include detecting "nonsensical queries" that shouldn't show AI results, limiting satire or humor content, and introducing restrictions for prompts where AI results would not be helpful because there is not enough data about that topic.
Google's own ads show that the erroneous summaries aren't limited to a few viral queries. In a demo video released two weeks ago, the Overview feature wrongfully advised the actor on how to fix their film camera.
Reid's blog post also said Google has limited content from forums or social media, which can have misleading advice.
"Forums are often a great source of authentic, first-hand information, but in some cases can lead to less-than-helpful advice, like using glue to get cheese to stick to pizza," Reid wrote in the post.
Reid wrote thatthe company already has systems in place to not show AI-generated news or health-related results. She said that harmful results that encouraged people to smoke while pregnant or leave their dogs in cars were "faked screenshots."
The list of changes is the latest example of the Big Tech giant launching an AI product and circling back with restrictions after things get messy.
Earlier this year, Google AI's image-generating feature came under fire for refusing to produce pictures of white people. It was criticized for being too "woke" and creating photos with historical inaccuracies like Asian Nazis and Black founding fathers. In a blog posta few weeks later, Google leadership apologized and paused the feature.
