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Nvidia becomes world’s first $5tn company amid stock market and AI boom

about 7 hours ago
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Nvidia has become the world’s first $5tn company as the artificial intelligence industry and wider US stock market boom.Just three months ago, the Silicon Valley chipmaker was the first to break through the barrier of $4tn in market value.In comparison, Nvidia’s value is greater than the GDP of India, Japan and the United Kingdom, according to the International Monetary Fund (IMF).It has far outgrown its competitors in the chip industry, gaining momentum as numerous tech stocks have surged in recent days.Shortly after US stock markets opened on Wednesday, Nvidia’s shares touched $207.

86 with 24,3bn shares outstanding, putting its market cap at $5,05tn,Ravenous appetite for Nvidia’s chips, seen as the most cutting edge in powering artificial intelligence products and software, is the main reason that the company’s stock price has increased so rapidly since early 2023,The US stock market has reached multiple record highs this week, buoyed by expansive investment in artificial intelligence.

On Tuesday, Nvidia’s CEO, Jensen Huang, disclosed $500bn in chip orders.The company also announced a partnership with Uber on robotaxis and a $1bn investment in Nokia, with the two planning to work together on 6G technology.In addition, Nvidia is teaming up with the US Department of Energy to build seven new AI supercomputers.OpenAI’s expansive plans for scaling its AI infrastructure are also heavily dependent on Nvidia’s technology.Last month, Nvidia announced that it will invest $100bn in OpenAI as part of a partnership that will add at least 10 gigawatts of Nvidia AI datacenters to ramp up the computing power for the owner of the artificial intelligence chatbot ChatGPT.

Huang and Nvidia have also gained the backing of Donald Trump, who called the CEO an “incredible guy” during a speech in South Korea on Wednesday.The US president has frequently touted the company as a success story and suggested that he may allow a less-powerful version of the company’s Blackwell chip to be sold to China, a move that could potentially send Nvidia’s shares even higher.Trump also has a financial interest in the company – disclosing in a financial report that as of the end of last year he owned up to $1.3m worth of Nvidia shares.Trump said on Air Force One last week that he would speak with the Chinese president, Xi Jinping, about Nvidia’s chips.

Hitting the new benchmark puts more emphasis on the upheaval being unleashed by an artificial intelligence craze that is widely viewed as the biggest tectonic shift in technology since the Apple co-founder Steve Jobs presented the first iPhone 18 years ago.Apple rode the iPhone’s success to become the first publicly traded company to be valued at $1tn, $2tn and eventually $3tn.Sign up to TechScapeA weekly dive in to how technology is shaping our livesafter newsletter promotionBut there are concerns of a possible AI bubble, with officials at the Bank of England earlier this month flagging the growing risk that tech stock prices pumped up by the AI boom could burst.The head of the IMF has raised a similar alarm.Part of the concern over an AI bubble revolves around the circular nature of some of the industry’s deals.

Nvidia’s $100bn investment in OpenAI, for example, hinges on OpenAI’s own plans to buy millions of Nvidia’s chips.The need for these chips is also primarily driven by the tech industry’s desire to massively scale its computing power, even as there is growing concern from analysts over companies showing that they are failing to secure revenue returns on their AI investments and that nearly all AI pilot programs in businesses fail.
foodSee all
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The £1 oyster: cut-price shellfish is all the rage – but is eating it advisable?

Name: Oysters.Age: Triassic – so about 250m years old.Appearance: Grey and snotty.Oysters, eh? What pearls of wisdom (see what I did there) do you have for me on the noxious bivalve? You’re not a fan, then?Absolutely not. What desperation drove early humans to think, “Time to smash open this forbidding, rock-like blob and eat whatever godforsaken, gelatinous mess it disgorges”? Well, younger diners don’t agree – they’ve gone mad for oysters

2 days ago
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Double, heavy, pure cream? Helen Goh’s guide to baking across borders – plus a finger bun recipe

When Sweet, the baking book I co-authored with Yotam Ottolenghi, came out in the United States in 2017, my excitement at seeing so many people bake from it was matched only by my horror at what I saw them pulling from their ovens on Instagram: pale cakes with thick, dark exteriors.Posts from Australian and British readers showed no alarming results and I quickly realised something had gone awry in the American translation. As it turned out, the recipes had been converted in-house by the publisher, using a straightforward formula to change celsius to fahrenheit. What no one had noticed was that the conversion also needed to take into account the oven setting: fan-forced versus conventional heat. Many American ovens, it seems, still don’t have a fan function

2 days ago
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Rukmini Iyer’s quick and easy recipe for beetroot, apple and feta fritters | Quick and easy

These are autumn in a fritter. Not only were they an unexpected hit with my 18-month-old, but, after trying one myself, I instantly crossed out the saffron arancini at the top of my list for an upcoming lunch party and replaced it with a delirious, “OMG make these fritters!” Not bad for a five-ingredient dish, and a lot less faff than arancini.Serve with a green salad and the dip alongside for a filling dinner on a cold evening.Prep 15 min Cook 20 min Serves 2-42 apples (I used Discovery) 2 medium beetroot, peeled and grated1 egg 200g feta, crumbled60g self-raising flour (gluten-free if you have it)Olive oil, for fryingFor the dip 3 heaped tbsp Greek yoghurt 3 heaped tbsp mayonnaise ½ lemon, juice and zestA pinch of sea saltGrate the apples skin and all into a clean tea towel, then twist and squeeze the towel over the sink to remove as much moisture as you can. Tip the grated apple into a large bowl, then add the grated beetroot, egg and crumbled feta, and mix well

2 days ago
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From harissa baked hake to chicken schnitzel: Ravinder Bhogal’s recipes for cooking with nuts

I always keep a stash of nuts in my kitchen cupboard. I scatter them, roughly chopped, over my morning yoghurt and fruit bowl, and when I feel an attack of the munchies coming on, I try (although I often fail) to reach for a handful of them in place of something sugary. These nutrient-dense superstars are high on the list of nutritionists’ favourite anti-inflammatory foods, and while all their health benefits are obviously terrific, I love them simply because they bring rich, buttery flavour, interest, and delightful texture to my cooking.Traditionally, schnitzels are coated in crisp breadcrumbs, but this delicious version using almonds and cornflour makes this nuttily delicious and suitable for anyone avoiding gluten.Prep 5 min Cook 45 min Serves 44 small boneless, skinless chicken breasts 50g parmesan, roughly chopped250g blanched almondsZest of 1 lemon50g cornflour Sea salt and black pepper2 eggs, lightly beaten1 tbsp dijon mustard Lemon wedges, to servePut a chicken breast between two sheets of baking paper, then use a rolling pin to beat the chicken until it’s about 1

3 days ago
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We tried Tyra Banks’ ‘revolutionary’ hot ice-cream, and colour us confused

I’m at Smize and Dream, the ice-cream shop founded by supermodel, Harvard alumna and entrepreneur Tyra Banks. There is a steady stream of customers for a weekday afternoon in Sydney’s Darling Harbour. I’m here for the Hot Mama, which Banks debuted in September, and claims is the world’s first hot ice-cream.According to its creator, the new dessert is neither a latte nor a hot chocolate and certainly not melted ice-cream. But if it’s none of these, then what is it?“Liquid, warm, soothing, yummy, silky,” Banks wrote on Smize and Dream’s Instagram

3 days ago
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How to make sweet-and-sour pork – recipe | Felicity Cloake's Masterclass

Sweet-and-sour sauce, which hails from the southern Chinese city of Guangzhou and is much loved in nearby Hong Kong, has been a victim of its own popularity – you can now buy sweet-and-sour-flavour Pot Noodles, crisps and even dips. But, when made with care, the crunchy meat, tangy sauce and sweet fruit will remind you why you fell for it in the first place.Prep 20 min Marinate 30 min+ Cook 10 min Serves 2For the marinade200g pork loin or lean shoulder 1 garlic clove 1 tbsp light soy sauce 1 tbsp rice wine, or dry sherry ½ tsp salt ¼ tsp Chinese five-spice powder (optional)To cook1 onion, peeled 1 green pepper, stalk, seeds and pith discarded 1 mild red chilli 1 egg 60g cornflour, plus extra to coatNeutral oil, for frying100g pineapple chunksFor the sauce2 tbsp apricot jam – the lower in sugar, the better1 tbsp cranberry sauce – ditto1 good squeeze lemon or lime juice25-40g soft light brown sugar 2½ tbsp Chinese red vinegar, or rice vinegar1 tbsp light soy sauce 1 tsp cornflour, or potato starchI’ve chosen to make this with pork (spare ribs also work well, if you don’t mind a bone; if possible, get your butcher to chop them up), but chicken thigh or breast, chunks of firm white fish or firm tofu would also work well. Anything that can be battered and fried without giving off too much water is a safe bet.Cut the pork into strips about 1cm wide, then peel and crush the garlic

3 days ago
cultureSee all
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Steve Coogan says Richard III film was ‘story I wanted to tell’ as he agrees to libel settlement

2 days ago
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‘We were fitted with remote control penises’: Harry Enfield and Kathy Burke on Kevin and Perry Go Large

2 days ago
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From White Teeth to Swing Time: Zadie Smith’s best books - ranked!

2 days ago
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Ardal O’Hanlon: ‘I fell asleep on stage once – I could hear someone doing my material, got annoyed and woke up’

4 days ago
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My cultural awakening: A Jim Carrey series made me embrace baldness – and shave my head on the spot

5 days ago
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From Springsteen: Deliver Me from Nowhere to IT: Welcome to Derry – your complete entertainment guide to the week ahead

5 days ago