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Apple’s (AAPL, +1.2%) market capitalization is rising above $2T, the first U.S. company to reach that milestone thanks to this summer’s megacap rally.
Shares moved up to $467.81, breaching the level of $467.77 needed for the historic level.
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It took two months for the company’s value to race to $2T from $1.5T hit on June 16. Apple’s market cap was $348.8B when Tim Cook took the helm on August 24, 2011.
The company went public in December 1980 at $22 per share, bringing its market cap quickly up to nearly $2B.
Twenty-six years later it hit a market cap of $100B in May 2007, just a month before the debut of the iPhone (the iPod came out in 2001).
In May 2010, Apple overtook Microsoft (NASDAQ:MSFT) as the most valuable company. In 2012, its market cap raced from $400B in January to $600B in April. And it became the first U.S. company to achieve a $1T valuation in August 2018 (PetroChina hit that market cap in 2007).
On its own, Apple would be the 10th-largest stock exchange in the world.
Intel (NASDAQ:INTC) is entering into accelerated share repurchase agreements for $10B of common stock.
The buyback is part of Intel’s previously announced $20B share repurchase program, which was announced last October and suspended in March due to the coronavirus pandemic.
Following the ASR completion, Intel will have repurchased $17.6B of the $20B authorization.
Intel shares are up 2.2% AH to $49.40.
INTC has dropped 23% in the past quarter after the company reported a 7nm product delay due to a “defect mode” in the process.
Bloomberg reports that Airbnb (AIRB) has confidentially filed paperwork with the SEC for an initial public offering.
The price range and number of shares will be determined at a later date.
Airbnb was valued at $18B during an April fundraising round, slashed from the prior $31B value due to the pandemic’s impact on the travel industry.
Last week, Bloomberg sources said Airbnb’s Q2 revenue dropped at least 67% Y/Y. Bookings were down 30% Y/Y in June, a large improvement on May’s 70% decline.
Nvidia’s (NASDAQ:NVDA) upside Q2 report includes record data center revenue, which included the Mellanox acquisition and grew 54% Q/Q and 167% Y/Y.
Revenue breakdown: Gaming, $1.65B (consensus: $1.41B; +24% Q/Q, 26% Y/Y); Data Center, $1.75B (consensus: $1.71B); Professional Visualization, $203M (consensus: $299.3M; down 34% Q/Q, -30% Y/Y); Auto, $111M (consensus: $99.3M; down 28% Q/Q; -47% Y/Y).
Adjusted gross margin was 66%, in-line with guidance and above the 64.5% consensus.
For Q3, Nvidia expects revenue of $4.4B (+/- 2%) and non-GAAP gross margin of 65.5%. Analysts expected $3.97B in revenue and 65.2% gross margin.
“Our new Ampere GPU architecture is sprinting out of the blocks, with the world’s top cloud service providers and server makers moving quickly to offer NVIDIA accelerated computing. Mellanox grew sharply, driven by the need for high-speed networking in cloud data centers to scale-out AI services,” says CEO Jensen Huang.
Earnings call starts at 5 PM with a webcast here.
After facing flak on its lack of action, Facebook (FB +0.3%) is cracking down on the groups tied to the Pro-Trump conspiracy theory QAnon, banning hundreds of groups and ads linked to the movement.
The social network banned about 900 pages and groups, and 1,500 ads linked to QAnon, which has been linked to a number of violent criminal incidents. It’s also restricted the reach of more than 10,000 Instagram pages and nearly 2,000 groups pushing the unfounded theory, which includes allegations that President Trump is secretly saving the world from powerful Satanic cannibals in authority positions.
That’s part of a “policy expansion,” Facebook says: “Pages, Groups and Instagram accounts associated with these movements and organizations will be removed when they discuss potential violence.”
Perhaps most important to those calling for action from Facebook: The groups and accounts will no longer be featured in the “recommendations” sidebar on similar pages.
Peer social network Twitter (TWTR +2.7%) took its own action on July 21: “We’ve been clear that we will take strong enforcement action on behavior that has the potential to lead to offline harm.” That included no longer recommending QAnon content and accounts, and no longer highlighting linked content as “trending.”
