Business
Nvidia’s stock market value hits $4 trillion on AI dominance

By Shashwat Chauhan
(Reuters) -Nvidia briefly reached a market capitalization of $4 trillion on Wednesday, making it the first company in the world to reach the milestone and solidifying its position as one of Wall Street’s most-favored stocks.
Shares of the leading chip designer rose as much as 2.8% to an all-time high of $164.42, benefiting from an ongoing surge in demand for artificial-intelligence technologies.
The company’s stock ended with a gain of 1.80%, leaving it with a market value of $3.97 trillion.
Nvidia’s soaring market value underscores Wall Street’s confidence in the rapid growth of AI, with the company’s high-performance chips forming the backbone of this technological advance.
“It highlights the fact that companies are shifting their asset spend in the direction of AI and it’s pretty much the future of technology,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in New York.
The stock’s recent rally follows a sluggish start to the year, when the emergence of a Chinese discount artificial-intelligence model developed by DeepSeek shook confidence in stocks linked to the sector.
Nvidia achieved a $1 trillion market value for the first time in June 2023 and tripled it in about a year, faster than Apple and Microsoft, the only other U.S. firms with market values above $3 trillion.
Microsoft is the second-most valuable U.S. company, with a market capitalization of $3.74 trillion. Its shares gained 1.4% on Wednesday to close at $503.51.
Nvidia has rebounded about 74% from its lows in April, when global markets were jolted from U.S. President Donald Trump‘s tariff volley.
Optimism around trade partners reaching deals with the U.S. has lifted stocks of late, with the S&P 500 hitting an all-time high.
Nvidia accounts for 7.3% of the S&P 500. Apple and Microsoft account for around 7% and 6%, respectively.
Nvidia is now worth more than the combined value of the Canadian and Mexican stock markets, according to LSEG data, and it exceeds the total value of all publicly listed companies in the UK.
Its stock recently traded at a 12-month forward price-to-earnings ratio of 32, below its three-year average of 37, according to data compiled by LSEG.
While Nvidia’s chips dominate the AI industry, Amazon, Microsoft, Alphabet and other major customers have faced pressure from investors to rein in their heavy spending on AI.
As well, Advanced Micro Devices and other rivals aim to take some of Nvidia’s market share by selling lower-cost processors.
Nvidia reported total revenue of $44.1 billion in the first quarter, marking a 69% jump from a year ago.
Business
Jaguar Land Rover staff to stay home after cyber attack

Jaguar Land Rover (JLR) has instructed factory staff to stay at home until at least Tuesday as the company continues to grapple with the fallout from a cyber attack.
The attack at the weekend forced the company to take vital IT systems offline, which has affected car sales and production.
Production remains halted at car factories in Halewood on Merseyside and Solihull in the West Midlands, as well as at its engine manufacturing centre in Wolverhampton.
The situation remains under review and output could remain suspended for longer.
Car sales have also been heavily disrupted, although the BBC understands some transactions have been able to take place.
The company, which is owned by India’s Tata Motors, shut down its systems on Sunday in order to limit potential damage from the cyber attack.
It is now working to restore them in a controlled manner, but this is understood to be a highly complex process. It is also introducing work-arounds for systems that remain offline.
The attack occurred at what is traditionally a popular time for consumers to take delivery of a new vehicle. The latest batch of new registration plates became available on 1 September.
The disruption extends well beyond JLR’s own production lines, with its network of parts suppliers also forced to restrict their operations. Some have complained of a lack of transparency from the company.
On Wednesday a hacker group which was also responsible for a highly damaging attack on Marks and Spencer earlier in the year said it had infiltrated JLR’s systems.
The group of young English-speaking hackers – who are thought to be teens calling themselves “Scattered Lapsus$ Hunters” – told the BBC how they allegedly accessed the car maker but have not revealed if they successfully stole private data from JLR or installed malicious software onto the company’s network.
The group posted two images, which showed apparent internal instructions for troubleshooting a car charging issue and internal computer logs.
A security expert said those screenshots suggested the group had access to information they should not have.
JLR says it is investigating the hack, but there is no evidence at this stage any customer data has been stolen.
In 2023, as part of an effort to “accelerate digital transformation across its business”, JLR signed a five-year, £800m deal with corporate stablemate Tata Consultancy Services to provide cybersecurity and a range of other IT services.
The halt in production is a fresh blow to the firm which recently revealed a slump in profits attributed to an increase in costs caused by US tariffs.
Business
Trump’s Fed pick Stephen Miran says he will keep White House job


President Donald Trump’s pick to fill a vacancy on the Federal Reserve said he did not plan to resign from his role at the White House, if confirmed, raising alarm among Democrats who said his elevation would bring the president closer to controlling the central bank.
Stephen Miran, currently chief of Trump’s Council of Economic Advisers, told lawmakers at his confirmation hearing on Thursday that he intended to take a leave of absence from the White House, given the short term nature of the Fed post.
He assured them that he would act independently if confirmed.
But he demurred when Democrats demanded he prove his independence by going on the record saying Trump had lost the 2020 election.
He also ducked questions asking him whether the president was right when he claimed that officials had faked jobs data for political reasons and on his past recommendations for Fed overhaul, including warnings against naming political figures to the board.
Senator Elizabeth Warren, a Democrat, said Miran would be seen as a “puppet” who would not be trusted as an independent voice.
“You have made clear that you will do or say whatever Donald Trump wants,” she told him. “That may work in a political position but it will take an axe to Federal Reserve independence.”
Miran called the independence of the Fed “paramount” and said he had not been asked by anyone at the White House to commit “formally or informally” to lowering interest rates.
“The independence of the Federal Reserve is critical to delivering superior long-run outcomes for the economy,” he said.
Miran, who trained as an economist at Harvard, was named by Trump to finish out the term of former governor Adriana Kugler.
Kugler resigned last month, a few months before her time on the board was due to end in January.
The opportunity came as Trump has put unprecedented pressure on the Fed to lower interest rates, toying with the idea of firing chair Jerome Powell and taking steps to fire another board member, Lisa Cook, over allegations of mortgage fraud.
She has denied those claims and challenged the president’s termination in court.
Economists say Trump’s campaign risks undermining the credibility of the bank, which is charged with keeping prices and employment stable and has been designed to set policy independently from the White House.
Lawmakers from both parties told Miran that it was critical that the bank’s governors determine interest rates without regard to politics.
But while Republicans widely indicated they would support his confirmation, Democrats said Miran’s decision to maintain his White House post was a sign he would be responsive to Trump’s demands.
Senator Jack Reed of Rhode Island called the arrangement “ridiculous”, while Senator Andy Kim of New Jersey asked: “Why do you even want this job for four months if you’re just hedging your bets and continuing your role at the White House?”
Miran said would resign his White House post, if he was nominated to serve a longer term.
Miran’s nomination is expected to advance to a full vote in the Senate, where Republicans hold a majority.
Senator John Kennedy, a Republican, urged Miran to ignore political considerations if confirmed.
“You’ve got to call them like you see them and ignore – nothing wrong with people giving their advice – but ignore all the rhetoric,” he said.
Warren said Republicans were ignoring the “elephant in the room” in their willingness to green-light Miran’s elevation.
“If we allow the Fed to become a political football, every American consumer, every American worker and every American business will pay a long term price,” she said.
Business
Demand for second-hand school uniform rises across Somerset

Charities and community groups have seen a rise in demand for second-hand school uniform.
Barnardo’s in Frome has put out an appeal for donated uniform, due to the high demand they are seeing, and parents in Somerset have set up Facebook groups to help.
The Community Hub in Chard has started a pre-loved school uniform shop which operates on the basis of paying what you can afford to help parents who may not be able to afford it.
Tessa Goodridge-Reynolds, from the Chard Community Hub, said: “It’s pay-as-you-can so there’s no pressure to donate at all. We just want to remove that pressure. It’s a really expensive time for parents.”
Ms Goodridge-Reynolds helped to set up the uniform shop in 2022, led by the need from the community.
“They found it difficult to get hold of uniform cheaply,” she said.
“Part of it is sustainability, too. Isn’t it great if we can swap and share and get as much use out of clothes as possible?
“Today, more than 1,300 items have gone out to families. It’s a busy time of year, everyone getting ready for school this week.”
Nikki Allen, a mum from Somerset, set up the South Somerset School Uniform Exchange group on Facebook.
“It was a few years ago when my son was still in school. I was looking for bits of uniform that I didn’t really want to buy new,” Ms Allen said.
“There’s posts every day, whether it’s school uniform or coats. People are really pleased to get something for less money because of course budgets are tight still.”
Barnardo’s in Frome said they have also seen a surge in demand for uniform.
They have been recycling uniform for the last four years but demand is now is at its highest ever, with parents queuing up to get uniform and PE kits for their children.
Hannah Smith, the store manager, said: “There’s been a lot more demand, I’ve had messages, phone calls asking for uniform.
“It’s definitely the cost of living, people just can’t afford it new anymore and they’re struggling.
“Just for a general Frome college uniform you’re looking at £100, just for one set.”
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