---
title: "Breakfast | NVIDIA's market value is only $100 billion behind Apple, Faraday Future says it may never be profitable"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/205033002.md"
description: "Ant Group first disclosed its AI application matrix. Apple's Worldwide Developers Conference is scheduled for June 10th, with the market expecting the release of new operating systems such as iOS 18 and macOS 15. Faraday Future fell nearly 1% after hours, retracting its car production target guidance. BYD released new plug-in hybrid technology, with a comprehensive range of up to 2100 kilometers. Hess agreed to Chevron's $53 billion acquisition deal"
datetime: "2024-05-28T23:40:44.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/205033002.md)
  - [en](https://longbridge.com/en/news/205033002.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/205033002.md)
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/205033002.md) | [繁體中文](https://longbridge.com/zh-HK/news/205033002.md)


# Breakfast | NVIDIA's market value is only $100 billion behind Apple, Faraday Future says it may never be profitable

Good morning! A great day starts with making money.

### Overnight Morning Market

The Dow fell by 0.55%, the S&P 500 index slightly rose, and the Nasdaq rose by 0.59% to set a new closing high.

Nvidia rose by 6.98%, hitting historical highs for three consecutive days after the financial report, with a total increase of 20%, and the closing market value is only $100 billion lower than Apple. The "1-for-10" stock split plan will take effect after the market closes on June 7 (Friday).

Popular Chinese concept stocks rose overall. Nio rose by nearly 1.5%, XPeng rose by 2.9%, ZEEKR rose by nearly 5.4%, Li Auto rose by 0.3%. NetEase rose by nearly 0.8%, JD.com fell by over 1%, Alibaba fell by nearly 0.9%, Baidu fell by 0.5%, Tencent Music fell by nearly 0.3%, and Bilibili fell by less than 0.1%. Pinduoduo fell by 5%.

GameStop (GME) surged by 40.3% at one point, closing up by 25.2%; gambling stocks DraftKings (DKNG) and Flutter Entertainment (FLUT) fell by 10.3% and 7.7% respectively.

### Blue Chips and Hot Stocks

**Apple's Worldwide Developers Conference scheduled for June 10th Eastern Time**

The market expects Apple to release a new operating system including iOS 18, iPadOS 18, macOS 15, tvOS 18, watchOS 11, and VisionOS 2.

**Faraday Future: May never achieve or sustain profitability**

Faraday Future stated that the company may incur unforeseen expenses or encounter difficulties and delays in delivering the FF 91 series, thus it may never generate enough revenue to sustain its operations. They have sold 4 FF 91 Futurist vehicles and leased 6. It is expected that in the near future, the FF 91 series will become its only production model in the market.

Faraday Future's 2023 revenue (car sales) was $784,000; net loss of $432 million in 2022; net loss of $602 million in 2022; loss per share of $44.81 in 2022. Faraday Future withdrew its car production target guidance, citing the current market conditions and funding levels as the reasons. The stock price fell by over 20% after hours.

China Evergrande: The liquidator has not found a restructuring plan, and the shares continue to be suspended.

BYD released its latest plug-in hybrid technology - the fifth-generation DM-i dual-mode hybrid system, which can achieve an engine thermal efficiency of 46.06%, consume 2.9L of fuel per 100 kilometers, and have a comprehensive range of 2100 kilometers. Wang Chuanfu: Chinese brands are rewriting global automotive fuel consumption history. Models equipped with the above hybrid technology - Qin L DM-i and Song Pro 06 DM-i are priced at the same level, ranging from 99,800 yuan to 139,800 yuan.

US stock broker Robinhood rose by over 6% after hours, with the company planning to repurchase up to $1 billion of issued Class A shares.

JOYY Inc. (YY.O) reported a net revenue of $564.6 million in the first quarter, slightly higher than the market estimate of $554.7 million; real-time streaming revenue in the first quarter was $466.4 million, slightly lower than the market estimate of $478.4 millionAccording to CNBC, Starbucks and Workers United union will resume negotiations this week.

Hess agrees to Chevron's $53 billion acquisition deal.

After Pinduoduo's performance release, multiple investment banks raised their target prices.

Ant Group has disclosed its AI application matrix for the first time.

Ant Group showcased multiple AI innovative application products at an open day. Based on the demand of large-scale business scenarios, Ant Group has deployed AI technologies including knowledge graph, operations optimization, graph learning, trustworthy AI, and large models. The Ant Group's BaiLing large model was filed at the end of last year.

### Chips and Artificial Intelligence

Microchip Technology (MCHP.O) is reportedly seeking a 0.5%-1% convertible bond coupon rate, offering a 25%-30% conversion premium.

### Virtual Currency

Former FTX executive Ryan Salame was sentenced to 90 months in prison by the U.S. Department of Justice for cryptocurrency exchange.

### Startups

According to SEC filings, X.AI raised $5.02 billion in equity financing out of a total issuance size of $7 billion.

### Macro: Insights into the World

Federal Reserve official Kashkari: The possibility of a rate hike is very low, but no one rules out this possibility. The number of rate cuts this year will not exceed 2 times.

Federal Reserve's Bowman: With the overnight reverse repo usage still significant, supports slowing the taper or tapering at a smaller pace.

Federal Reserve's Mester: It is best to lengthen the Fed statement, as a short statement may make certain words crucial, making it difficult to exit when needed. Also, a matrix could be published anonymously, connecting the series of forecasts of corresponding individuals in the SEP (the Fed will conduct a monetary policy framework review later this year, Mester will retire in June).

Royal Bank of Canada: If high inflation persists, the S&P 500 index may fall below 5000 points.

During the 14th collective study session of the CPC Central Political Bureau, Xi Jinping emphasized promoting high-quality and full employment, continuously enhancing the sense of gain, happiness, and security of the broad masses of workers.

China's Financial Regulatory Bureau: Meet the reasonable financing needs of real estate projects, vigorously support the construction of the "three major projects" including affordable housing.

Shenzhen adjusts the minimum down payment ratio for the first home to 20% and lowers the lower limit of interest rates.

Guangzhou: The minimum down payment for the first home is 15%, and the lower limit of interest rates is removed; the social security requirement for buying a house in restricted areas is reduced to 6 months; encourage large-scale rental institutions to acquire existing commercial housing; the criteria for identifying the first set of new home loans are relaxed

### Related Stocks

- [Faraday Future Intelligent Electric Inc. (FFIE.US)](https://longbridge.com/en/quote/FFIE.US.md)
- [NVIDIA Corporation (NVDA.US)](https://longbridge.com/en/quote/NVDA.US.md)
- [Apple Inc. (AAPL.US)](https://longbridge.com/en/quote/AAPL.US.md)
- [JOYY Inc. (YY.US)](https://longbridge.com/en/quote/YY.US.md)
- [Hess Corporation (HES.US)](https://longbridge.com/en/quote/HES.US.md)
- [BYD COMPANY (01211.HK)](https://longbridge.com/en/quote/01211.HK.md)
- [GameStop Corp. (GME.US)](https://longbridge.com/en/quote/GME.US.md)
- [中国恒大 (03333.HK)](https://longbridge.com/en/quote/03333.HK.md)
- [VanEck Semiconductor ETF (SMH.US)](https://longbridge.com/en/quote/SMH.US.md)
- [Direxion Daily Semicondct Bull 3X ETF (SOXL.US)](https://longbridge.com/en/quote/SOXL.US.md)
- [GraniteShares 2x Long NVDA Daily ETF (NVDL.US)](https://longbridge.com/en/quote/NVDL.US.md)

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