Nvidia is almost worth $4 trillion

👋 Good morning/evening (wherever you are). It’s Thursday.

Nvidia has officially passed Apple’s record market cap, reaching $3.92 trillion. That makes it the most valuable public company in history — even if only briefly.

Apple held the previous record at $3.915 trillion, set in December 2024. But the torch has now passed.

Driven by explosive demand for AI chips, Nvidia is powering everything from ChatGPT to autonomous vehicles. Its hardware is the foundation of the current AI boom, and the world is racing to buy in.

As of writing this email, here are the current market cap rankings:

1. Nvidia — $3.885 T

2. Microsoft — $3.707 T

3. Apple — $3.189 T

The big question now: will Nvidia become the world’s first $4 trillion company?

Have a great 4th of July weekend, see you all next Monday!

OK let’s keep going ↓

🔥 Creative pulse

This AI video left me speechless. Seriously, there’s nothing else like it right now.

It’s from Matt Zien.

He’s different. Honestly, there’s only a handful of people in the world using AI like this.

Matt’s carving out a space that didn’t exist before, and it’s incredible to watch in real time.

Watch the video.

💡 Here’s what you should know

• Veo 3 is now available globally

  Available through the Gemini AI Pro plan, the new tool generates 8-second videos with sound, speech, music, and built-in safety features like SynthID watermarking.

• H&M debuts AI-generated models on Instagram

  The campaign explores digital twins as a creative extension, with each AI model co-developed alongside its real-life counterpart.

• L’Oréal Paris launches AI tool Beauty Genius

  Trained on L’Oréal’s scientific expertise and product database, the AI advisor recommends routines backed by dermatological research and user preferences.

• CoreWeave is first to launch Nvidia GB300 NVL72

  The GB300 NVL72 delivers major gains in AI reasoning performance, powering next-gen models with higher throughput, better efficiency, and faster inference.

• EU delays AI Act Code of Practice until end of 2025

  The European Commission has postponed its voluntary AI Code of Practice, creating a longer runway for developers of general-purpose AI models before stricter compliance rules take effect.

• Microsoft delays next-gen AI chip to 2026

  Microsoft’s Maia chip, built for AI workloads, is now set for 2026 production after internal setbacks and will reportedly trail Nvidia’s Blackwell in performance.

• Sutskever now leads SSI as Meta hires Gross

  Ilya Sutskever takes full control of Safe Superintelligence after co-founder Daniel Gross joins Meta to lead AI products.

💰 The numbers

AI is eating venture capital.

AI startups attracted 53% of global VC funding in the first half of 2025. In the U.S., that number hit 64%.

According to PitchBook, AI companies made up just 29% of funded startups worldwide, yet pulled in the majority of capital. In the U.S., they accounted for 36% of deals and nearly two-thirds of dollars invested.

The spread is narrowing. In Q2, a third of all U.S. venture funding went to just five companies.

This level of capital concentration is new. Even during the dot-com era, multi-billion dollar rounds were rare — even after adjusting for inflation.

VC is moving away from diversification and toward scale. Investors are writing larger checks to fewer players, prioritizing speed and dominance over balance.

The shape of the market isn’t expanding. It’s collapsing inward around AI.

🧠 Thought starters

• “I’m being paid to fix issues caused by AI”

• New AI outlines lung tumors better and faster than doctors

• UCLA turns hospital records into AI-readable clinical notes

😂 Meme of the day

Thanks for reading,

Eddie

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