—— Nvidia Surpasses Saudi Aramco in Market Value; EU Fines Apple $2 Billion; Amazon Invests $5.3 Billion in Saudi Data Center; JetBlue Drops Spirit Airlines Deal; Gold Nears Record High; Florida Car Auction Hits $181 Million; Hong Kong New Home Sales Jump Tenfold
1. Nvidia Surpasses Saudi Aramco in Market Value
Last Friday, Nvidia closed with a market value of $2.06 trillion, while Saudi Aramco’s value dropped to $2.03 trillion.
This means Nvidia has officially surpassed Aramco to become the world’s third most valuable company, behind only Apple and Microsoft.
So far this year, Nvidia’s stock has risen 66%, adding $834 billion in market cap. This morning, its shares climbed another 1.8% in pre-market trading.
Meanwhile, Aramco has fallen 5% this year as the Saudi government considers selling part of its stake.
______
2. EU Fines Apple $2 Billion
Today, the European Commission slapped Apple with a record €1.8 billion ($2 billion) fine for allegedly restricting music streaming services like Spotify from promoting discounts on the App Store.
EU antitrust chief Margrethe Vestager stated that Apple had monopolized the music streaming market for nearly a decade, limiting developers from informing users of cheaper pricing options.
Apple plans to appeal the decision, though the legal battle could drag on for years. The company claims there’s insufficient evidence to prove consumer harm.
In Q1, Apple generated $119.6 billion in revenue, over half of which came from iPhone sales.
______
3. Amazon Invests $5.3 Billion in Saudi Data Center
Saudi Arabia announced that tech companies including Amazon’s cloud arm AWS will invest a total of $10 billion to build data centers in the country.
AWS plans to spend $5.3 billion on a new campus in Saudi Arabia to train local developers and open by 2026.
Saudi data center firm DataVolt will also invest $5 billion, and Dell is considering a product logistics center in the kingdom.
Saudi Arabia aims to become the tech hub of the Middle East.
______
4. JetBlue Drops Spirit Airlines Deal
JetBlue Airways announced today that it is officially abandoning its $3.8 billion acquisition of Spirit Airlines, as the companies believe the deal is unlikely to pass regulatory scrutiny.
Under the agreement, JetBlue must pay Spirit a $69 million breakup fee.
JetBlue had hoped to accelerate its growth through the acquisition and was under pressure from activist investor Carl Icahn.
Today, Spirit shares fell 15%, while JetBlue rose 4%.
______
5. Gold Nears Record High
Gold spot prices rose 0.7% today to $2,098 per ounce, extending Friday’s 2% rally. The upward trend has lasted 16 months.
Ongoing banking concerns and imminent Fed rate cuts have pushed investors toward gold as a safe-haven asset.
Since late November, gold has held above $2,000, and falling rates would make non-yielding assets like gold more appealing.
In December, gold reached a record high of $2,135, and remains elevated.
______
6. Florida Car Auction Hits $181 Million
According to automotive data firm K500, four classic car auctions in Florida over the weekend generated a total of $181 million—surpassing 2023’s $178 million record. Post-auction sales may raise that total even higher.
The four auction houses included Bonhams, Broad Arrow, Gooding & Co., and RM Sotheby’s.
The top-selling vehicle was a 1903 Mercedes-Simplex 60 HP Roi Des Belges, which sold for $12.1 million—a record for cars made before 1930.
A 1967 Ford GT40 and a 1953 Ferrari 250 Europa Coupe sold for $4.405 million and $4.295 million, respectively.
Source：Bloomberg – Car Auctions Top $180 Million With Bugattis, Ferraris, $12 Million Mercedes
______
7. Hong Kong New Home Sales Jump Tenfold
In the five days following Hong Kong’s February 28 rollback of housing curbs, daily new home sales surged from the previous two-month average of 11 units to 117.
The government eased mortgage rules and removed all additional property taxes. Non-Hong Kong residents are no longer required to pay the 15% buyer’s stamp duty, and sellers are exempt from resale taxes.
Officials expect March to see as many as 2,000 new home sales, a one-year high.
______
This content is sourced from Financial Times, Bloomberg, and The Real Deal, among other financial news outlets.