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Happy Wednesday Zingernation! Apple became the most valuable company world selling laptops and iPhones. Nvidia became the most valuable company in the world by leading the AI charge. But yesterday, an error briefly catapulted Chipotle past both the tech giants, with multiple sources incorrectly listing the burrito company at a $4 trillion market cap.

—Aaron Bry & Nic Chahine

Plus, you probably haven’t heard about this smaller company that’s taking the AI world by storm.

MARKET SNAPSHOT

Yesterday: Was basically the exact opposite as Monday. The S&P 500 and Nasdaq rallied while the Dow Industrial Average lagged behind.

On Our Radar: New home sales are out at 10am ET, but other than that, a quiet day in terms of economic data. Later this week we will hear from companies like Nike, Micron and more.

TOP STORY

Rivian Stock Skyrockets Premarket, Set To Open At 4-Month High

Briefly: Electric vehicle maker Rivian Automotive is poised to extend its gains on Wednesday, with the upward momentum likely accelerating.

The News: Rivian announced Tuesday plans to form an equally controlled and owned joint venture with Volkswagen AG’s U.S. subsidiary to create next-generation electrical architecture and best-in-class software technology.

So: As part of the plan, the German company will invest $1 billion in Rivian, with up to $4 billion in planned additional investment for a total expected deal size of $5 billion. Here are more details of the investment and how experts are trading the news.

PRESENTED BY i2i

Tiny AI Company At The Helm Of $200 Trillion Opportunity

This CEO sold his first company to Microsoft. Now he's quietly building a new AI company that the tech giant is already eyeing.

Microsoft did their due diligence...and they say this AI company's tech is meeting even their incredibly high bar. 

Find out who Microsoft has now vetted.

FIVE ZINGERS

Still In The Lead: Despite a recent sell-off, one fund manager still expects Nvidia to double by the end of the year.

Need More Dough: Pillsbury parent company General Mills lowered its annual profit outlook, causing the stock to get burnt.

Piggy Backing: Lucid Motors is set to open higher this morning, trading in sympathy with Rivian’s surge.

All Good In The $HOOD: One analyst just turned bullish on Robinhood. Here are the other big upgrades and downgrades heading into Wednesday.

The Earnings Playbook: Want to make an extra few bucks trading through earnings season? Register here for expert options ideas.

ONE FOR THE ROAD

Judge Tosses The Card: Visa-Mastercard Swipe Fee Settlement Reportedly Rejected

Briefly: On Tuesday, U.S. District Judge Margo Brodie reportedly dismissed a $30 billion antitrust settlement in which Visa Inc and Mastercard had agreed to cap the fees they charge merchants for accepting their credit and debit cards.

So: The decision could compel Visa and Mastercard to negotiate a more favorable settlement for merchants or proceed to trial, Reuters reports.

Basically: Numerous merchants and trade groups, including the National Retail Federation, opposed the agreement, arguing that card fees would still be too high and that Visa and Mastercard would retain excessive control over card transactions. Here’s why the judge rejected the settlement and what it means for the leading credit-card stocks.

PRESENTED BY T3 TRADING

How To Trade Earnings Season with Sami Abusaad

Unlock your trading potential with How To Trade Earnings Season with Sami Abusaad. Learn both beginner and advanced strategies to optimize your performance and decision-making. Master leveraging options to navigate the dynamic market landscape. Elevate your trading skills—register now!

Date: Thursday, 6/27/24
Time: 11:00 AM - 12:00 PM EST

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