Market Beats | Nvidia Hits $4 Trillion Market Value, First in History; Trump’s Surprise 50% Copper Tariff Sends US Futures Soaring; Cocoa Powder Joins Cocoa Butter in Record Surge; Meta Invests $3.5 Billion in EssilorLuxottica; Goldman Sachs to Require Junior Bankers to Confirm Loyalty Quarterly; X CEO Linda Yaccarino Resigns After Two Years at the Helm

—— Trump’s Surprise 50% Copper Tariff Sends US Futures Soaring; Cocoa Powder Joins Cocoa Butter in Record Surge; Meta Invests $3.5 Billion in EssilorLuxottica; Goldman Sachs to Require Junior Bankers to Confirm Loyalty Quarterly; X CEO Linda Yaccarino Resigns After Two Years at the Helm

1. Trump’s Surprise 50% Copper Tariff Sends US Futures Soaring

President Donald Trump shocked global metals markets by unexpectedly announcing a 50% tariff on copper imports, sparking the largest-ever spike in New York copper futures while causing a drop in global benchmark prices.

The announcement — made off-the-cuff to reporters — is part of Trump’s broader push to boost domestic mining and smelting. Since February, traders have rushed to ship copper into the US to beat the tariff deadline, but this sudden move injects new uncertainty into shipping and pricing strategies.

Citigroup called the announcement a “watershed moment” that may effectively shut the door on further copper imports.

Key unanswered questions remain about the effective date, whether there will be grace periods, and which copper products will be affected.

______

2. Cocoa Powder Joins Cocoa Butter in Record Surge

After enduring record-high cocoa butter prices, chocolate manufacturers are now being hit by a shortage and price surge in cocoa powder, a key ingredient for flavor and color. Over the past year, US cocoa powder prices have jumped about 16%, nearing $9,000 per metric ton, with European prices even higher — over $10,000, close to May’s all-time record.

The shortage is partly driven by manufacturers using more powder to replace cocoa butter with cheaper vegetable oils, which lack color and flavor. This substitution trend has intensified demand for cocoa powder.

Major chocolate companies like Mars and Hershey have responded by shrinking bar sizes, adding non-chocolate fillers like nuts, or even shifting toward non-chocolate products to cope with skyrocketing costs.

Artisan brands such as Raaka Chocolate say cocoa powder has become three times more expensive and extremely hard to source, forcing them to secure supply from specific partners, such as in Peru.

______

3. Meta Invests $3.5 Billion in EssilorLuxottica

Meta Platforms Inc. has acquired just under 3% of EssilorLuxottica SA — the world’s largest eyewear maker and parent of Ray-Ban — in a $3.5 billion stake purchase. The move marks a deeper push into the smart-glasses sector for the Facebook parent company.

People familiar with the matter said Meta may eventually increase its stake to around 5%, although plans remain fluid. EssilorLuxottica shares rose sharply in Paris trading following the news.

Meta and EssilorLuxottica have worked together for years on AI-enhanced wearable devices. Meta’s Ray-Ban smart glasses, launched in 2021, feature built-in cameras and an AI assistant that can provide real-time stock quotes and image captioning.

Analysts at Bernstein described the move as a vote of confidence in both the eyewear company and the broader opportunity in smart glasses.

______

4. Goldman Sachs to Require Junior Bankers to Confirm Loyalty Quarterly

Goldman Sachs Group Inc. plans to ask new analysts to certify every three months that they haven’t accepted jobs elsewhere, in a move aimed at curbing aggressive poaching by private equity firms.

The initiative, not publicly announced, is designed to combat “on-cycle recruitment,” a practice where buyout firms approach junior bankers at the very beginning — or even before the start — of their analyst programs, according to people familiar with the matter.

The move follows JPMorgan Chase & Co.’s warning to incoming grads that accepting outside offers within their first 18 months would lead to termination.

Similarly, Apollo Global Management said it would not interview or extend offers to the class of 2027, with CEO Marc Rowan criticizing early recruitment as premature for students still exploring their options.

______

5. X CEO Linda Yaccarino Resigns After Two Years at the Helm

Linda Yaccarino, hired by Elon Musk two years ago as CEO of X (formerly Twitter), announced her resignation less than three months after the platform was folded into Musk’s AI startup.

“After two incredible years, I’ve decided to step down as CEO of X,” Yaccarino wrote in a post on the platform Wednesday. “I’ll be cheering you all on as you continue to change the world.”

Yaccarino, a former NBCUniversal executive, joined X in May 2023 after Musk had already laid off or lost about 75% of Twitter’s staff. Her mandate was to bring advertisers back to the platform amid concerns over Musk’s erratic decisions on content moderation and controversial posts.

Throughout her tenure, Yaccarino frequently defended both Musk and X, even as the platform came under fire for rising violent content, antisemitism, and misinformation.

______

6. Nvidia Hits $4 Trillion Market Value, First in History

Nvidia Corp. has become the first company ever to reach a $4 trillion market valuation, solidifying its dominance in the global financial arena.

Shares rose 2.8% to $164.42 on Wednesday, pushing the company over the milestone in a dramatic rebound from earlier-year jitters sparked by China’s DeepSeek and President Donald Trump’s trade war.

The stock is up more than 20% in 2025 and has soared over 1,000% since the start of 2023. Nvidia now represents 7.5% of the S&P 500 Index, approaching its highest-ever weight.

The latest rally is fueled by continued AI spending commitments from Nvidia’s biggest customers, including Microsoft, Meta, Amazon, and Alphabet.

Those four tech giants are projected to invest about $350 billion in capital expenditures in their next fiscal year, up from $310 billion, according to Bloomberg analyst estimates. Collectively, they generate more than 40% of Nvidia’s total revenue.

______

7. Mercedes-Benz Q2 Sales Drop 9% as Tariffs Hit US and China Demand

Mercedes-Benz reported a 9% drop in global car sales for the second quarter of 2025, totaling 453,700 vehicles, as trade tensions and tariffs driven by President Donald Trump’s policies weighed on key markets. Sales declined 12% in the US and 19% in China, where import duties on American-made SUVs further dampened demand.

Although the numbers slightly exceeded company guidance and improved modestly over Q1, analysts say they underscore the growing toll of tariffs. Mercedes produces large SUV models like the GLE and GLS in Alabama and exports them to China — now subject to a 10% retaliatory tariff by Beijing.

The company also continues to struggle in the EV market, with EV sales down 24% year-on-year. Competition from local Chinese manufacturers like BYD is squeezing foreign brands.

However, Mercedes noted encouraging early interest in its upcoming CLA electric sedan, based on a new EV-first platform focused on maximizing range.

______