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Bloomberg Evening Briefing

Nvidia’s relentless rally has propelled the semiconductor giant’s market capitalization over its mega-cap tech peers, allowing it to clinch the title of the world’s most-valuable company as the artificial intelligence wave continues. The stock rose 3.5% to close at $135.58 a share Tuesday, putting the company’s market value at about $3.3 trillion and catapulting it over those of Microsoft and Apple. The top stocks have jockeyed all month for the pole position, with Nvidia finally edging past both of its big-tech peers. The ranking is yet another reminder that AI is the top focus of many investors. Nvidia is seen as the biggest and earliest beneficiary of the technology as it dominates the market with its highly sought-after chips.  

Here are today’s top stories

A Boeing quality inspector alleged that the planemaker mishandled and lost track of hundreds of faulty parts, some of which he said may have been installed on new 737 Max planes, the latest revelation by a whistleblower pointing out possible misconduct at the manufacturer.

A boom in housing prices and blue-state migration is sparking backlash in the American South. Now, local groups are pushing for restrictions on new developments, saying an influx of residents has strained resources. Tennessee and several neighboring states are facing an anti-growth fervor after migration helped boost the region’s population by 2.7 million people — the size of Chicago. As traffic snarls, apartment complexes replace meadows and municipal water systems strain, passions are running high in a way that goes beyond regular nimbyism.

Steve Cohen’s Point72 Asset Management is seeking to raise about $1 billion for a new stock-picking hedge fund focused on artificial intelligence, according to people familiar with the matter. The fund will bet on and against AI hardware and semiconductor companies globally and will be the firm’s first new hedge fund in decades, according to the people, who asked not to be identified because the information is private. 

Steve Cohen Photographer: Bryan Bedder/Sportico/Getty Images

To get workers back to the office, bosses have dangled fancy coffee, yoga classes and DJ parties. But that still hasn’t been enough, so some firms are giving employees a more traditional perk: a desk of their own. Hot desking or hoteling, where workers get a desk when they show up instead of having a permanent one, isn’t new but really took off during the pandemic as a way for companies to save money amid a new era of hybrid work. Now some firms are realizing that they may have gone too far.

Scams keep haunting the crypto market, aided by AI and social media. Industry watchers see crypto misinformation “almost on a daily basis.” Apparent fraudsters have attempted to feign legitimacy with false press releases about venture-capital fundraises and bogus claims about partnerships with industry giants. In some cases, the false information has leaked into trusted industry data sources.

The UK is on track to lose 9,500 millionaires this year, more than any country in the world except China, according to a new report on the migration intentions of the world’s wealthy. It’s more than double the number that left the country in 2023 and lags only China, which is expected to lose 15,200 millionaires this year, according to the Henley Private Wealth Migration Report, authored by migration advisory Henley & Partners.

After Vladimir Putin’s troops surged over the Ukrainian border in February 2022, the Coca-Cola Co. was among the first multinationals to pledge it would quit Russia in protest. Aiming to avoid the inevitable headaches of complying with expected Western sanctions on the Kremlin, Coke asked its partners there to pull its cans and bottles from stores, cease deliveries of syrup to soda fountains and stop producing its drinks. Two years later, Coke’s distinctive red logo is still easy to find in supermarkets and restaurants across the country.

What you’ll need to know tomorrow

The Ultimate Travel Guide to Copenhagen 

In this global capital of dining and design, there are so many legendary spots it’s hard to know where to begin. Bloomberg Pursuits has parsed the best options in town—no easy feat!—and uncovered dozens more reasons to fall in love with the Danish capital.

Nordhavn. Photographer: Ulf Svane for Bloomberg Pursuits

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Bloomberg Green FestivalJoin changemakers including former White House Climate Advisor Gina McCarthy, former Georgia lawmaker and voting rights activist Stacey Abrams and Nikolaj Coster-Waldau of An Optimist’s Guide to the Planet on July 10-13 in Seattle at a groundbreaking new event celebrating climate optimism and action. Learn more here.

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