Japan’s Nikkei 225 exceeded the 45,000 threshold, reaching a new all-time high on Tuesday. Alphabet entering the $3 trillion valuation club, alongside only Apple, Microsoft, and Nvidia. The parent company of Google owes its place in that exclusive realm to artificial intelligence. Interestingly, it’s not due to the fact that Google’s AI solutions have been impressing investors significantly. The reality is that Google has been lagging behind AI firms like OpenAI and Perplexity — a situation that enabled it to avoid divesting its Chrome browser in a recent antitrust decision — which contributed to a positive movement in its shares this month.
If AI isn’t delivering the expected results on stocks, there’s nothing that reliable cash won’t remedy. Tesla shares surged on Monday following CEO Elon Musk’s announcement of a $1 billion stock purchase, effectively eliminating the company’s losses for the year. In other news, CoreWeave saw a surge of 7.6% following the announcement of a substantial order of at least $6.3 billion from Nvidia. Encouraged by those gains, the S&P 500 and Nasdaq Composite achieved new closing highs, with the former surpassing the 6,600 level for the first time. Hey Alexa, generate an image of traders celebrating with champagne at the New York Stock Exchange.
Trump does not have the authority to dismiss Fed Governor Lisa Cook. A U.S. federal appeals court determined on Monday that the president’s attempt to remove Cook prior to the Fed’s meeting cannot move forward. In a separate development, Stephen Miran, selected by Trump for a position at the central bank, received a narrow confirmation to the Federal Reserve Board. New York Times is confronted with a $15 billion lawsuit initiated by Trump. In a post on Truth Social on Monday, Trump stated that the paper was “a virtual ‘mouthpiece’” for the Democratic Party and accused it of making false statements about him, without providing further details on the allegations.
OpenAI has brought on board the former CFO of xAI. Mike Liberatore departed from his position as the finance chief at Elon Musk’s company in July, following a brief tenure of only three months. A spokesperson informed that he will begin his role at Sam Altman’s OpenAI on Tuesday. The ongoing conflict between Musk and Altman has taken a new turn. The S&P 500 finishes above 6,600 for the first time. On Monday, the Nasdaq Composite also reached a new all-time high, while the Dow Jones Industrial Average increased by 0.1%.