Shares in the AI darling were higher in pre-market trading as it emerged as the biggest global gainer in market capitalisation for 2024. The company’s remarkable growth is largely attributed to the explosion of interest in artificial intelligence and the increasing demand for its AI-centric chips across industries.
Nvidia’s market value soared by more than $2tn last year, reaching $3.28tn by the close of 2024. This leap propelled the chipmaker into second place among the world’s most valuable listed companies, up from $1.2tn at the end of 2023.
The company invested $1bn in AI companies in 2024, solidifying its role as a key financier in the rapidly expanding AI sector, the FT reported.
Read more: FTSE 100 LIVE: London stocks push higher in positive start to the new year
According to corporate filings, Nvidia’s investments spanned 50 funding rounds for start-ups and several corporate deals in 2024. This marks a sharp increase from the previous year, when the company participated in 39 rounds with a total investment of $872m.
The strategic push to fund AI ventures is part of Nvidia’s broader strategy to further entrench itself within the rapidly evolving AI sector. As the technology matures, Nvidia’s hardware is at the core of everything from machine learning to advanced data processing, positioning the company not only as a hardware leader but also as a critical player in the development of AI innovation.
Tesla was up in pre-market trading, with investors closely watching the electric vehicle maker’s fourth-quarter delivery figures.
To exceed the 1.81 million vehicles delivered in 2023, Tesla must deliver roughly 515,000 vehicles in the final quarter of the year. The company set a high bar in Q4 of 2023, delivering 484,507 vehicles — its best quarter on record.
Tesla’s stock rose nearly 63% during 2024, largely fuelled by optimism following Donald Trump’s victory in the 5 November US presidential election.
Stocks: Create your watchlist and portfolio
In a separate incident, Tesla CEO Elon Musk addressed an explosion involving a Cybertruck outside the Trump International Hotel in Las Vegas on 29 December. One person was killed and at least seven others were injured.
Musk confirmed the explosion was “unrelated to the vehicle itself,” stating that “all vehicle telemetry was positive at the time of the explosion.”
Shares of Walgreens Boots Alliance were higher in pre-market trading even as the company finished 2024 as the worst performer in the S&P 500 (^GSPC), plummeting 64% throughout the year.
Story continues
The pharmacy company has faced ongoing challenges, including plans to close 1,200 stores announced in the fall.
Read more: Stocks that are trending today
However, Walgreens saw a brief rally in mid-December, following reports that the company is in talks to sell itself to the private equity firm, with a deal expected to be signed by early this year. The company, which has been working with its advisers for the past few weeks, had also reached out to other potential buyers.
“As a private company, Walgreens Boots Alliance would have more flexibility to make major changes to the business, in our view, and aggressively cut costs to try to tackle recent challenges with pharmacy operating margins and declining retail product sales from increased online competition,” CFRA Research analyst Paige Meyer said.
Vodafone kicked off the year with a significant transaction, completing the sale of its Italian business to Swisscom (SCMN.SW) for €8bn (£6.6bn) in cash. The deal marks a major step in Vodafone’s ongoing strategy to streamline operations and reduce its considerable debt load.
The mobile telecoms firm, which last year completed a merger between its UK arm and Three UK, plans to allocate the proceeds from the Italian sale toward debt repayment. In addition, Vodafone will embark on a further €2bn share buyback once its current buyback programme is concluded.
Read more: What will happen to interest rates in 2025?
Under the terms of the deal, Vodafone will continue to provide certain services to its Italian unit for a period of up to five years. This arrangement will generate an estimated annual fee of €350m for the first year, adding a steady revenue stream for the FTSE 100-listed (^FTSE) company in the near term.
The sale to Swisscom is part of Vodafone’s broader strategy to simplify its operations and focus on core markets, particularly in Europe and Africa.
Read more:
Download the Yahoo Finance app, available for Apple and Android.