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On July 28th, Apple (AAPL.O) surpassed Nvidia (NVDA.O) to regain the title of the worlds most valuable company by closing price, for the first time since April 2025. Nvidias stock price fell nearly 5% on Monday, reducing its market capitalization to $4.77 trillion, as investors expressed concerns about the enormous costs of building AI infrastructure, leading to a general decline in the AI chip sector. Meanwhile, Apples stock price rose 1%, reaching a market capitalization of $4.95 trillion, ahead of its highly anticipated earnings report after the market closes on Thursday. Nvidia had held the title of the worlds most valuable company since dethroning Microsoft in June 2025, and briefly touched a $5 trillion market capitalization last October. So far in 2026, Nvidias stock price has only risen 4%, while Apples has risen 24%. Apples outperformance is attributed to its cautious approach to AI capital expenditures, favoring leased computing power over self-built infrastructure—a strategy that has resonated with investors.A U.S. Senate aide said the Senate is expected to begin voting on the Russia sanctions bill as early as Tuesday (during Ukrainian President Zelenskys visit to the U.S.).According to two Senate aides, Ukrainian President Volodymyr Zelensky will meet with the full U.S. Senate on Tuesday evening local time.On July 28th, Nvidia (NVDA.O) announced on Monday that its CEO, Jensen Huang, will travel to Washington to meet with lawmakers to discuss U.S. leadership in artificial intelligence. An Nvidia spokesperson stated that Huang will meet with leaders from both parties on Capitol Hill to discuss the latest developments in the technology, including the importance of maintaining leadership in open source. Huang is scheduled to meet with Senator Mark Warner, the ranking Democrat on the Senate Intelligence Committee, on Tuesday. Warner expressed serious concerns about security threats last week following the autonomous cyberattack on OpenAI. His office has confirmed the meeting. This meeting comes as Huang speaks out for open source AI on social media platform X, stating that such models "can enhance security and cybersecurity, accelerate innovation and adoption, and achieve sovereignty." Huangs visit coincides with OpenAI founder Altmans expected meeting with lawmakers in Washington, but a Warner spokesperson stated that the two meetings are scheduled separately.According to sources, Venezuelas state-owned oil company PDVSA will suspend operations at the El Palito refinery for a major overhaul lasting three to four weeks.

GBP/USD seeks to regain 1.2300 as higher UK CPI strengthens the case for a rate hike by the Bank of England and the USD retreats

Alina Haynes

Mar 23, 2023 15:00

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During the Asian session, the GBP/USD pair attempts to reclaim the resistance level at 1.2300. Following a vertical correction, the Cable has recovered to near 1.2260 as the market anticipates that the absence of hawkish interest rate guidance from Federal Reserve (Fed) chair Jerome Powell while addressing the economy at the monetary policy meeting indicates that the Fed is close to ending its policy-tightening spell.

 

S&P500 futures have generated some gains in the Asian session following a decline on Wednesday as a result of Fed Powell's confirmation that the fight against intractable U.S. inflation will continue. Chairman of the Federal Reserve Jerome Powell has ruled out rate cuts in 2023, citing the difficulty of controlling inflation. In addition, US Treasury Secretary Janet Yellen's statement that the government "does not plan to insure all uninsured bank deposits" heightened fears of a banking sector collapse.

 

Following a recovery move, the US Dollar Index (DXY) has retreated on expectations that additional credit tightening to protect banking institutions will reduce overall demand, economic activity, and inflation. In the interim, the demand for US government bonds has increased as a result of expectations that US Janet Yellen will end further policy restrictions and reduce support for all bank deposits.

 

On the front of the United Kingdom, the Pound Sterling is likely to maintain its strength as the Bank of England (BoE) is scheduled to raise rates for the eleventh consecutive time. Governor Andrew Bailey of the Bank of England is expected to raise interest rates by 25 basis points (bp) in response to rising food and non-alcoholic beverage prices, as well as rising energy costs, which have contributed to inflation in the United Kingdom.

 

In the midst of global banking turmoil, the Bank of England's (BoE) interest rate decision will be difficult, as policymakers were divided over whether to raise rates further or maintain them at their present level.


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