Trending tickers: Nvidia, Berkeley, Games Workshop, Just Eat

Nvidia CEO Jensen Huang speaks at the Computex 2024 exhibition in Taipei, Taiwan, June 2, 2024.
Nvidia CEO Jensen Huang: So far this year Nvidia has gained 175%. (Chiang Ying-ying, Associated Press)

Nvidia's stellar run continued last night, climbing 3.5%, as it overtook Microsoft (MSFT) to be crowned the most valuable stock in the world. In pre-market trading on Wednesday it was 0.6% higher.

Shares eclipsed $135 (£106) per share giving the chipmaker a market capitalisation over $3.33trn. With a 0.4% slide on Tuesday, Microsoft's market cap stood at nearly $3.32trn.

It comes just two weeks after Nvidia took the number two spot from Apple (AAPL).

Shares of Nvidia are up more than 215% over the last 12 months and more than 3,400% over the last five years. This is thanks to the explosion in interest in generative AI that kicked off when OpenAI debuted its ChatGPT software in late 2022.

Year to date, Nvidia has gained 175%; Microsoft stock is up just less than 19% in 2024.

Nvidia first crossed a $1trn market cap on June 13, 2023. The company's advance from a $1trn to a $3trn market cap was the fastest on record.

Nvidia completed a 10-for-1 split on June 10.

Read more: Is there any value left in Nvidia stock? Here’s what the charts say!

Housebuilder Berkeley was in the red this morning despite lifting its earnings outlook for the current financial year by 5% to £525m.

It was the biggest loser on the FTSE 100 index as it reported a pre-tax profit of £557m for the year to 30 April, down from £604m last year.

The company said that it would plunge back into the private rental market for the first time in a decade by launching a build-to rent arm to tackle the “severe shortage” of properties in and around London.

Berkeley, which built 3,500 homes for private sale last year, will establish a build-to-rent business, which aims to create 4,000 homes in London and the south-east over the next decade.

It plans to develop the properties across 17 brownfield sites and launch a dedicated online platform to manage them.

Berkeley said: "The operating environment has become increasingly uncertain over recent years as a high number of well-intended regulatory and policy changes came into effect.

"This contributed to a marked decrease in private and affordable homebuilding activity, with SME developers and housing associations particularly impacted.

"This significant decline in housing delivery has been acknowledged by policymakers at all levels and triggered a renewed focus on addressing barriers within the regulatory and planning system."

Read more: UK inflation drops to Bank of England's 2% target

Warhammer maker Games Workshop rallied 8% in London after it said it expects a jump in annual pre-tax profits to at least £200m compared to £171m a year earlier.

The maker of miniature figurines for tabletop battle games posted annual profits growth of at least 17%, following an acceleration in the second half of the fiscal year.

Core revenues came at above £490m for the 53 weeks to 2 June, up 10%, meanwhile, profit before tax is estimated to come in "not less than £200m", compared to £171m the year before.

In the first half of the year PBT grew 14% to £95.2m.

Included in the profit estimate is the allowance for £18m of staff profit-share scheme, which is paid in cash on an equal basis to each employee, while £138m of dividends were shelled out and declared in the year, with 415p per share paid out.

Shares in Just Eat rose more than 2% on Wednesday amid news that it has joined forces with Amazon (AMZN) in Germany, Austria and Spain.

Europe's biggest food delivery firm said the move will allow it to offer free delivery of food orders above 15 euros ($16.13).

The deal, which marks its first collaboration with Amazon in Europe, comes with no financial terms to the partnership meaning it was "mutually beneficial" for both companies.

The initial deal between the two companies was struck in mid-2022.

Last month, Amazon said its customers in the US can order from Just Eat-owned Grubhub directly on its shopping app and the website, extending a deal that already offers its Prime members a no-fee access to Grubhub+ membership.

Jamil Ghani, vice president at Amazon Prime, said: "Giving Prime members no delivery fees from restaurants on Just Eat is another way we help members save money every day.

"The value of a Prime membership continues to grow with this offer, and now is the best time to enjoy the convenience, savings, entertainment – and deliciousness – that the membership provides."

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