Nvidia Daily Update: Soaring Company Valuation Bolsters Wealth of CEO Jensen Huang
In the realm of cryptocurrency, Satoshi Nakamoto, the creator of Bitcoin, has seen a significant boost in wealth due to the recent surge in Bitcoin's price. With an estimated fortune of approximately $131 billion to $133 billion, Nakamoto now ranks as the 11th wealthiest individual globally, according to various sources. This wealth is based on Nakamoto's holdings of around 1.096 million Bitcoins, which have remained untouched since they were mined in the early days of Bitcoin.
Meanwhile, in the entertainment industry, streaming services continue to dominate TV viewing habits. Streaming accounted for 46% of all TV use in June, while broadcast viewing dropped to a historic low of 18.5%, marking the first time it fell below a 20% share. Peacock's most-watched entertainment series of all time is Love Island, with a total of 4.4 billion minutes streamed last month.
Netflix also saw a boost from popular programs like Ginny & Georgia and Squid Game. The passing of Biden's Bipartisan Infrastructure law is expected to further boost demand for new warehouses, data centers, and factories, potentially benefiting streaming platforms like Netflix in the long run.
In other news, the search for a new Federal Reserve chair is already underway, and the IRS has issued guidance on some of the new provisions in the One Big Beautiful Bill Act. The market for excavator contract revenue in the U.S. is expected to reach $145 billion this year, up 2.5%, according to an IBISWorld report.
The market for rare Earth materials is also in focus, with MP Materials announcing a $500 million deal with Apple to develop a recycling line. This move is aimed at reducing Apple's reliance on mining these critical materials.
In the world of business, Nvidia CEO Jensen Huang became the sixth-richest person in the world on Tuesday, while Michelle Xia, founder of Akeso, a Chinese biotech firm, also joined the billionaire club due to the success of her company.
Politically, President Donald Trump announced that nearly all House Republicans had agreed to vote in favor of the regulatory bills. The House of Representatives is also considering several regulatory bills regarding cryptocurrency.
Lastly, the Trump administration announced it will withdraw half of the National Guard troops deployed to Los Angeles last month. The film adaptation of Dr. Seuss's Oh, The Places You'll Go is set to star a major celebrity, but the identity remains undisclosed in the article.
Inflation was higher than expected in June, with consumer prices up 2.7% year-over-year. Some companies are turning to AI to help boost employee engagement, which has been falling in recent times. Bedrock, a company in the infrastructure sector, is expected to raise additional funding within a year, but a valuation was not provided.
This roundup provides a snapshot of the diverse range of events shaping the world today, from the rise of cryptocurrency to the domination of streaming services, and from political decisions to technological innovations.
Finance experts are anticipating possible repercussions from the Biden administration's proposed tariffs on imported goods, such as those from China, which could affect companies like Home Depot. In the realm of technology, Waymo's self-driving car service is set to expand, potentially revolutionizing the transportation industry.
In addition to the crypto world, the business sector has seen other notable figures increase their wealth. Forbes' daily newsletter might cover the significant rise in the net worth of Nvidia CEO Jensen Huang, who is now the sixth-richest person globally, and Michelle Xia, the founder of Akeso, a Chinese biotech firm.
