World Street | Nvidia hits $3-trln mcap, US markets at record high, Foxconn ups guidance and more

About this update from Foxconn Technology Co., Ltd.

Nvidia has surpassed Apple Inc in terms of market capitalisation as it moved past the $3 trillion mark. US benchmarks- the S&P 500 and Nasdaq Composite hit new record highs overnight, buoyed by hopes of Fed's rate cutting cycle. Taiwan based iPhone maker Foxconn raised its outlook for the second quarter amid strong demand. China's Shanghai and Shenzhen stock exchanges are considering withholding some value-added market data from quant funds. US private equity firm Blackstone has leaped into buying homes in the UK. All this and much more on the June 6 version of World Street.Marching aheadNvidia surged past Apple in market capitalisation overnight, clinching the spot of the second-most valuable public company in the US, trailing only behind Microsoft. Nvidia hit a milestone $3 trillion market cap after its shares rose over 5 percent overnight. The company was already the world's most valuable chipmaker.The company's shares have been on a remarkable uptrend, rising by over 24 percent since reporting strong first-quarter earnings in May, fueled by its dominant position in AI chips for data centers.Sitting on topThe two US benchmarks - the S&P 500 and Nasdaq Composite - hit fresh record highs overnight driven by a rally in technology stocks. This surge was fueled by hopes of the probable start of the Federal Reserve's rate-cut regime following softening jobs market data.The May private payrolls report reflected a softening in labor market conditions, fueling expectations for rate cuts by the Fed this year. A separate report showed a decrease in job openings to the lowest level in over three years, which added to the sentiment. Traders now perceive a nearly 69 percent probability of a rate cut in September, compared to around 50 percent the previous week, according to the CME's FedWatch tool.Better days aheadTaiwan-based Foxconn, which is Apple's primary iPhone assembler, stated recording 22.1 percent year-on-year surge in its revenue in May, setting a new record for the month. The company had initially projected growth for the second quarter on a sequential as well as yearly basis, but now anticipates even stronger performance, citing unexpectedly high demand for AI servers. However, no specific details were provided regarding this increased demand.Hiding secretsThe Shanghai and Shenzhen stock exchanges are contemplating suspending specific value-added market...

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